Whether we like it or not, current economic conditions, indeed our very economic model of boom and bust, demand that responsible managers take cost out of their business. It is the ugly side of our collective bargain in business. The more enjoyable side is innovation - making a difference by thinking differently. Never before (an over-used term, but indulge me) have the two been in such a tense standoff. After all, what is innovation if not ideas that have a long term and uncertain payoff? Clearly this is where you start in your cost cutting to minimise unfortunate trade-offs. Or not? [More]