Paraphrased from Lewis Caroll’s Alice in Wonderland, you’ve probably heard the expression, “If you don’t know where you’re going, any road will get you there.” Maybe you’ve applied these words to life in general or used them for literal geographical advice. As an innovator, you’ve got to apply it to your business.

‍This week Adam and Manny discuss the history and current state of Kraft-Heinz, one of America’s biggest food processing companies. Despite decades of providing the country with some of the most recognizable foods, the company has been directionless and in the process of decline. In an attempt to keep business alive the company recently announced that it will be selling its cheese business to a French dairy company, and that it will be taking $2 billion worth of cost cutting measures to invest more into existing brands with the most potential for growth. Yet, these actions are just another mistake the company has made in choosing NOT to innovate and create new opportunities for growth with consumers in-mind. Forgetting about customers, relying on acquisitions, and making virtually no effort towards sustainable growth is Kraft-Heinz’s recipe for failure.

Thinking Points:

• How long has it been since your company introduced a new product or service?
• How often does your business aim to innovate?
• Are you making moves to benefit customers, or just to keep your business afloat?
• Is your business keeping up with inflation and other major economic changes?