More efficiency or more innovation?

Businesses need a balance between efficiency and innovation to thrive over time. However, most companies focus on short-term financial results, which tilt the balance towards efficiency. While efficiency is essential, innovation is also necessary for growth, and companies that don't invest enough in innovation may become indistinguishable from their competitors. The challenge is to establish the appropriate balance between efficiency and innovation and carry out that strategy. Jeffrey Phillips' book, Relentless Innovation, provides examples from companies that manage to do both well simultaneously, such as P&G, Apple, 3M, Google, and Gore.