Companies who want to survive in the ever competitive business landscape really need to focus on the long term horizon. Cutting back on investments for innovation and research and development in order to prop up short term profits no longer can be the status-quo. The lack of innovation in creating new products and services and improving existing ones will surely commoditize your product line and will cause you and your competitors to compete by racing to the bottom line on price alone. Seth Godin, author and entrepreneur said it best, “we sell what they sell, but cheaper. A commodity business always lives on the knife edge of cheaper.”
