Question

1. Can you make an argument as to why a solid performing business DOES NOT need innovation to grow? Explain why!

Answer 1

   Why Solid performing business does not need Innovation?

Though there is no denying the fact the businesses should continue their innovational pursuits because if you do not innovate, you are doomed. But you don't always need innovation and if you want your company to grow and the same argument gets compounded if your business is one that is solid performing business and because if your organization is experiencing growth, an organization status quo because sometimes innovations masquerading as a cure-all and high-growth strategy often accelerate a decline. Also, when an innovation is one that failed, solid performing business loses its competitive advantage and ends up demoralizing and draining the resources of an organization, and that really leads to the decline of a growing business.

One study that demonstrated how innovations are no always welcome because a significant number of companies falling prey to bankruptcy were characterized by extreme indifference in the stability of strategy, suggesting that they were increasingly focused on expansionism and in this pursuit they forgot their unique selling points and are increasingly finding solace in risky experiments.

So, if you are enjoying growth, there is no need to innovate and make your stability and growth falter in the industry and you just cannot risk a performing product because all you want is try something which you are unsure about. So sometimes, it is good to go with the status quo when you are having a solid performing business.

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