(ADKITCHEN) – Every new bakery starts with faith, and a business plan. Your business weather it is a bakery, car dealership, newspaper, or wedding planner can somehow relate.
You looked at your passion and combined it with a plan. Did you once look up to the heavens with stars in your eyes about all the possibilities? Do you remember getting excited about all you could do with your new plan and throwing every possible idea into it – including the kitchen sink?
Then, you looked at your business, researched what you wanted your business to be about. This symbolic bakery, it began with a dream to create the best Tres Leches Cake (three milk), believing there was a shortage of bakeries with this delicacy.
They set out to be the best. And once they had their recipe that seemed to be working well they kept it going, day after day – every day became the same. But, then new bakeries started popping up. They could tell there was a market for Tres Leches Cake and wanted a piece of it (I don’t blame them its delicious).
All of the sudden, they realized their business was declining. But they continued to do what they had all those years. Not understanding that their original research had become outdated – the market had moved on them.
Had they kept up with their R&D (research and development) they would have had new products to fall back on before the market shifted.
R&D is not just for products, it can help you with internal systems, and keeping up with technology advancements. Yet it’s difficult to know how much to invest in R&D because it depends on how much risk your willing to take.
Research and Development is often something that happens at the beginning of a business, yet very few business seem to continue to embrace it after they’re established and every market moves, every technology changes. Are you ready for the next market shift?