ARE YOU an innovative Business Person? If you answered NO to this question then you are wrong – Everyone can be innovative. Incorporating innovation into your business can help you save time and money, and give you the competitive advantage to grow and adapt your business in the marketplace.
What is innovation?
Innovation generally refers to changing or creating more effective processes, products and ideas, which in turn can increase the likelihood of a business succeeding. Businesses that innovate and create have a more efficient work process and have better productivity and performance.
For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
Being innovative does not mean inventing; innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.
Key Steps Towards Business Innovation
- Connect with your customers and employees to generate their thoughts and ideas for improving processes, products and services both internally and externally.
- Leadership in innovation – train and empower employees to think innovatively from the top down. Inspirational leadership and motivation will flow down through from the top and drives innovation in business within everyone involved.
- Conduct an analysis of the market environment. Know your customers wants and needs as well as your competitors. Be open to new ideas and adaptive to change
- Seek advice. Utilise available resources, grants and assistance to drive innovation in your business. This may include seeking a mentor to help you gain a clear direction for your business future.
Remember, innovation is the key to competitive advantage for your business. Commercialize your innovation with the help of SBIS
