If you want to make money, you need to spend money. This seems like unusual advice, but Jack Rosenberger insists fear of spending is a big hindrance to innovation. To prepare for the future, companies need to invest in IT. Think about the long-term and figure out how to put your money there instead of just reaching for the short term rewards.
Saving is often put ahead of innovation. However, sometimes you need to explain to your boss you have a project that will not save money, but will better the business. A strong balance between what’s good for the business and what’s good for the budget is a necessary component in any organization.
The companies that are willing to spend money to get ahead are a force to be reckoned with. They will leave the scared-to-spend in the dust. Another weapon these innovative companies are armed with is a five-year plan. Playing it by ear isn’t an option. You need to have a strategy about where the business is going to be in the next three-to-five years. The competition is fierce, but it will only get fiercer if no money is spent while trying to catch up.