Strategic budgeting seems to be a big trend at the moment, especially given the possibility—or inevitability—of a widespread recession. In the face of uncertainty, many business leaders are trying to maximize their finances for the biggest impact. Some are drastically cutting jobs, while others are slowly trimming marketing spend.
You might also be in the process of reallocating company dollars. However, you should avoid pulling back on anything that drives innovation. This includes brainstorming committees, research and development, and more.
Put simply, innovation keeps the light on. It’s the catalyst for short-term success and long-term growth. Without innovation, you can’t be agile. This puts you at