INVEST NOW FOR THE FUTURE

We all are aware that smart companies with good leadership will emerge from this crisis and beat their competition. We also know that investing now is the key to accomplishing that goal.

So why will so few companies actually do that? Because, it takes courage. But strong leaders act courageously.

Several articles I read recently reinforce the need to invest now. There is an article today in the WSJ that reports good news. R&D spending seems to be holding. There is a Fortune article that is particularly interesting. This article is about using ATM or Kiosk technology when checking into a hospital.

I hope the hotel industry reads this article! Why is it that hotels start the process when you show up? I digress. This seems like a different post for a different day. Back to this post.

The hospital ATM is great for two reasons. ATM's are not new technology. Therefore, every time someone finds a new use for an old technology there is an even bigger payoff as all the bugs are worked out and older technology is cheaper.

But in this case they also combined new technologies with the ATM and made a fully integrated system including electronic health records. Very cool.

Investing for the future means different things in different industries and in different companies. I use it hear in its broadest context. It may mean R&D to your company; or using technologies in new ways; or it may be hiring for the future; or retraining employees to be ready for the future.

Your strongest competitor is investing for the future. Are you?

Until next time,
Gail