We all know that innovation is imperative for business success. You didn’t? Then that probably explains why your sales are down, your profits are shrinking, and why your customers are going elsewhere, and business is stagnant. All is not lost though. There are measures you can implement to get your business back in the fray. Prominent business guru Peter Drucker once said “every business needs to have at least one core competence: innovation.” Can your business boast of having any level of innovation’? If it doesn’t, then you need to develop it quickly. This is the only way you can ensure that your business does not continue churning out the same old results.
Innovation in business means doing something new and different, something better and smarter that will result in positive outcomes, including a healthier bottom line. You can be innovative in your products, services or business processes. You can focus on developing new ways of doing business, leveraging technology or practicing better management techniques. Whatever your priority, innovation is always good for business. It is about creating value and increasing productivity, thereby allowing for growth.
The whole point of being in business is to make a profit, to be successful. Success however, does not come from merely settling for what is comfortable or familiar. With markets becoming more and more competitive, those who innovate best will win in the future. It can no longer be business as usual. If you keep doing the same things, do not be surprised if you keep getting the same results.
The survival of your business and your ability to compete effectively in the marketplace is directly linked to your ability to innovate. Today, companies need to do more than simply deliver products or services that are better or cheaper than those of their competitors. They must also add new features, improve performance and reduce prices more quickly. They must be quicker to launch new lines. To grow, they may even have to create entirely new markets and develop venture strategies. The challenge is to keep ahead of changing market conditions, leverage the power of business technology and get a firm grasp on human resource issues. Now don’t think this is something that applies only to big businesses with resources to invest in research and development. When it comes to business innovation, small businesses have an advantage over their bigger counterparts. Given their size, they can be more flexible and quickly embrace new ideas. So small businesses owners, innovation is for you too!!
What can you do to foster innovation in your business? These simple steps can jumpstart your innovative process:
- Develop a creative business culture that encourages and rewards employees for new ideas
- Seek customer feedback on your performance
- Study the market and spot existing trends
- Note what your competitors are doing
- Use your networks to generate new ideas and learn from others
Ultimately the approaches you adopt to foster greater innovation in your business will depend on the amount of time and financial resources at your disposal, what your business strategy is and what your needs are.
Coming in the next issue of Dazzle Magazine: More tips on the different approaches you can take to foster innovation and achieve greater business success. Don’t miss it!
