From the course: Product Innovation for Product Managers

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How business objectives set the stage for innovation

How business objectives set the stage for innovation

From the course: Product Innovation for Product Managers

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How business objectives set the stage for innovation

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- We must innovate to survive. We've got to innovate to get ahead of our competitors. I'm sure you've heard these words from your leadership before, but before you start to innovate you have to possess a clear understanding of your company's business objectives and your company's ability to meet those objectives. There are three places to look to get a deeper understanding of your company's ability to perform against objectives, the financial health, development phase, and competitive position. To align product innovation strategy within your business, first make sure you understand your company's financial health. The P and L, or profit and loss statement is a place to see the revenues, costs, and expenses of your business. Depending on your seniority and the culture of your company you may want to ask your finance or accounting department if you could have access to P and L statements across divisions within the company. Reviewing the P and L's can highlight business objectives…

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