According to the Harvard Business Review website, CEOs should stop stubbornly focusing on these four areas.
1. Reducing costs
Do you want to stand out? Stop focusing on cutting costs, focus on increasing revenues. There is a a significant difference between efficiency and innovation.
2. Listening to customers
If you ask customers what they want, the most frequent answer will be the cheapest possible products. However, remember Steve Jobs, who promoted the idea that customers can't know in advance what exactly they want. It's your responsibility for what the leading products are in your field, not your customers'.
3. Incremental steps
Small gradual steps can help you achieve business success only in the short term. In the long term, you need radical innovation.
4. Acquisitions
The less a company innovates, the more it has to invest in acquisitions of other companies. Examples of successful companies, however, clearly show that it pays off more to invest in your own talents.
If you want your company to be more successful, invest in research and development, look for market segments with a higher value for new products and areas of interest, and strive for global expansion.
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