Getting this timing balance right is an important strategic decision we as business leaders must make. 

Toyota for example, has taken a different timing approach to most other car makers. It brought the hybrid in very early,  when full electric vehicles were in their infancy. Their sales are still growing, despite not being eligible for the latest fringe benefit tax concessions. 

Well known business author & researcher Jim Collins in his book Great by Choice has a chapter headed “Fire Bullets, then Cannonballs”. In other words test out new services or products in a small way, the “bullets” and make sure you are hitting the mark and then commit significant resources, the “cannonballs”

We need to be aware of trends that are impacting our industry.  In facilitating a recent strategy session the extent of the growing demand for GPS driven and linked products caught the attention of the company’s leaders and the impact on their strategy direction. 

Artificial Intelligence is a major development that is likely to have as big an impact as the internet has had.  How will we make use of this technology in terms of timing and applications will be important questions for us to grapple with over the next two years.  One thing is for certain we cannot ignore it. 

In bringing in new technologies we do not want to lose the core of who we are as an organisation.  We want to stick to our core values (what we stand for) and core purpose (why we do what we do)  Also sticking to our core competencies (what sets us apart) is essential.

We want the new technologies to enhance our competencies. For example car makers still have to make electric cars great vehicles to drive.  It is not just about the power source, driving experience and reliability is still essential. 

Bringing on new products or services will require cash for such things as equipment, stock, staff wages for researching to name some.  This is where a good cash flow based budget is important to ensure that the costs are identified and there is sufficient cash to fund the new technology. 

The cash flow budget will need to be monitored to ensure that expenditure is kept in line with the budget and there are no overruns. Financial discipline needs to be maintained with the creative innovations. 

New innovations are occurring at an increasingly rapid rate.  Doing nothing is not an option.  For us as leaders we are to first ensure we are aware of what is happening in the wider area that may impact our business.  Then we will be in a place to quickly adapt and introduce the new technologies with wisdom.