Staying Ahead of the Curve: The Innovators

NEW YORK (TheStreet) -- The marketplace can seem cruel at times, especially when the rules are violated.

And one rule is: Without innovation, you have more of the same. And no one gets excited about investing in or buying monotony, routine, and old designs.

Let's face it, one of the greatest drivers for profitability, brand strength, and excitement is "new, " "improved," or "breakthrough." Whether it's ushered in by full-length infomercials, a 15-second commercial spot, or an end cap display, the market craves innovation.

Just imagine some of the incredible innovations that have become a part of our lives today. They include pull-up handles/wheels on luggage, upside down condiment and salad dressing bottles, plastic closable bags, green produce protection bags, electric toothbrushes and Post-It Notes.

Innovation is a commitment to abhor complacency. It is a refusal to accept success -- or failure -- as enduring. It is the result of a constant review of the firm and a regaining of energy to address new demands or create them.

Innovation comes by leveraging core competencies and defining a vision, not pumping out products and price schemes. It's all about critical thinking and strategic planning and execution.

A strategic plan can be an onerous, spreadsheet laden, jargon consuming exercises in Ivy League searches for copying the "best practices" of others or it can be approached with three simple questions:

1. What if...? One of the most troubling and sobering experiences we have all faced in recent years is that things can go terribly wrong. Things, often out of our immediate control, can have devastating impacts on our firm's future.