Why not put your business under the microscope, research is not confined to scientists.
Research your business and uncover problems as well as opportunities.
Many businesses are spending countless hours researching and developing new products and systems. In many cases, they are doing this at the expense of other profit generating activities. While this may not be the case with franchises there will be many other problems and opportunities to consider.
Research is seductive and it is so easy to be carried away with a new project particularly when you are on the verge of uncovering something new and unique.
In some organisations, people are doing research and don’t even realise it, especially in small businesses who, on the whole, are at the forefront of new ideas and innovation. This could be costing valuable time and money that could be better spent.
Many organisations run out of money before their ideas can be commercialised simply because they don’t have the ‘finishing’ capability, they just like the doing part. Perhaps you should change your direction with a little research before you end up somewhere you won’t be happy with.
“The moment I understood this – that my Parkinson’s was the one thing I wasn’t going to change – I started looking at the things I could change, like the way research is funded”. Michael J. Fox
Survey your organisation and establish who is doing what and account for both the time and the resources being used. Why should you do this?
- Because research could be being done without your
- Maybe there is someone who can do it better.
- Maybe it’s already been developed by someone else in another business.
- Maybe you don’t have the resources you think you have.
- Maybe, with a bit of help, you could commercialise your ideas quicker.
- Maybe there is no market for what is being developed.
The main opportunities coming from the research will be to create innovative products and services to improve your competitive advantage, to extend you knowledge base, and to enhance your own development plans for future growth and sustainability.
The cost of research needs to be closely assessed as it can quickly run away and overshoot budgets. Consider outsourcing practices as an alternative to doing it yourself.
Organisational resilience is the capacity to respond, adapt and transform in response to adversity. This capability is considered to be an important element that enables organisations to prepare, recover and adapt to a range of disruptions and economic fluctuations.
An important purpose of research is to understand the capabilities and policy settings which lead to better businesses, non-profits and their communities and how they can help each other. This helps everyone to understand the trends and issues they face and to do something about it before it’s too late.
Establish a two-way relationship with your stakeholders that’s dedicated to ongoing research and improvement. Why not start with a prioritise list of the things that need research to bring about and improvement in your organisation.
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Personally, I love doing research and I often find myself totally distracted researching something small when the important aspects of my business wait in line.
However, I know that without continuous research new products and services along with though leadership will be out of the question.
I have found it energising to work with people who are devoted to making improvements and are prepared to do the necessary research. Often self-improvement holds the key.