Innovation is the key to success
If there is one business lesson that COVID19 has taught us, it’s that innovation is key to business success.
For your company to continue succeeding, you need to innovate your business and move with the times. This may not be easy for businesses who are in an old-routine, or if there is a fear of change. Sometimes when small businesses are already established, changing the strategy to something new or completely different is a scary risk for most entrepreneurs.
After all, why fix something that isn’t broken? But what if you could do even better and increase your income plus improve systems throughout your enterprise?
There are, however, lots of positive advantages to innovative ideas. What makes innovation for your business work is being able to adapt to new technologies, software, and communication systems. It also includes opening up to a new way of thinking.
When you innovate your business – things become seamless
While it could seem a tall order to change regular processes that have been part of the company for the longest time, it’s not impossible. Sometimes a breath of new ideas is just what an entrepreneur needs to allow their business to thrive.
When done right, innovation has the potential to positively affect logistics, distribution, manufacturing, concepts, customer loyalty, trust, productivity amongst staff, and lots more.
You should also:
- Monitor the market trends and take cues from your competition so that you don’t make their mistakes
- Develop and maintain lasting relations with customers
- Become a better communicator
- Solve problems in the most effective manner
Why is it advantageous to innovate your business?
Due to the tight industry competition, being unique is very important. Think of why it is important to innovate your business as a means of “future-proofing.”
Also, things can change in an instant, so it’s important to adopt an agile mindset when it comes to your products and services.
Improves customer relations and trust
As mentioned before, innovating a business will improve various aspects of the company including customer relations. This is a vital factor because, without satisfied customers, there can be no business.
Improving your relationship with your customers will also show a side that you’re not only about making money from then, instead you truly value them.
Helps to manage finances and wastage
Whether it is a retail store with fresh produce or a different type of company, wasted products could lead to losses. This is dangerous for any business because in turn, it will lead to companies having to pay more while losing profits.
When you innovate your business, you could also implement financial changes and solutions that minimize the need to run loses.
Again, coming back to the fresh produce business… ordering a sufficient amount of fresh foods to prevent spoilage is better than having foods spoil. Spoilage ultimately leads to losses.
Being flexible and adaptable to change is key to success.
Innovative tools can help business owners purchase enough products to prevent loss. This can be monitored through the customer’s behaviour towards certain products.
Analytics can show how popular certain products are and which ones have the potential to sell more.
Repurposing goods will lower the costs resulted due to wastage.
Better marketing better reach
Digital marketing paved the way for improved reach and the ability to advertise at lower costs than ever before. Innovation in your marketing means that you embrace social media and paid ads.
Engaging your audience is also part of innovation for your business because it uses internet technologies and social media apps to increase communications.
As part of your marketing and increased reach, you will also learn what’s new in the market when compared to local and international markets.
Happier employees equal better relations
Sometimes finding that line of common ground with employees is a struggle to some business owners. Yet this is an important factor for every business to increase the success rate.
However, when considering to innovate your business, there will be better tools and strategies in place to improve relations.
Better training strategies for your staff will instil a genuine pride in the product and brand. When customers see an employees’ passion and knowledge of the company, it not only improves customer service but shows professionalism and experience. It’s really frustrating when employees don’t share the same drive and passion for your business. It causes a negative ripple effect on the sales process and customer engagement.
The same interest and value that you show your customers, is the same value your employees should feel. The employees should not feel as though they are merely a number, they should know and be confident that they represent a valuable asset to the company.
To innovate your business means to accept the changes necessary for future success
While the rewards of the efforts you’re putting in now isn’t always visible right away, it is a long-term investment that is taking your business to a better place.
Some of the changes include but are not limited to the following:
Technology upgrades
These days, renewable energy is the future and the sooner your business climbs onboard the better. With resources becoming limited and a mutual-goal to improve the health of our planet, all companies need to consider technology to improve, yet make their business better.
Some of the changes include green energy like the use of solar power, water preservation and recycling, geothermal energy and more.
Virtual assistance
Gone are the days where in-person transactions and meetings where the only way to go. With innovation, technology paved the way for communications via digital networks.
Content Management Systems (CMS)
Content management systems allow members working on projects to collaborate, share ideas, write and edit the content on a website all simultaneously. Some of the big names with CMS include WordPress, Wix, Drupal, and Squarespace to name a few.
Collaborate in the cloud
Cloud-based collaborations made it possible for small businesses to do even better when it comes to saving on costs. It’s expensive to travel and to buy equipment that would otherwise be needed in an in-office setup.
Cloud collaborations also make it simple for people to reach each other all over the world. Entrepreneurs enjoy lower costs by hiring freelancers over permanent or in-house employees. In-house requires expenses for medical cover, pension funds, possible travel allowance, and the list goes on.
Speaking of cloud-based innovations for businesses, storing content on cloud storage rather than hard drives is another cost-effective opportunity. Companies can also have the peace of mind knowing their information is safe and there’s a lower risk of damaged drives and loss of information.
Innovate your business with these ideas
Now that you see how important getting up to speed with innovation for your business is, here are some ideas.
- Implement a delivery service and online store
These days, online shopping is a way of life. If your business is a brick and mortar setup, stepping up your game to implement a digital store is vital. With that, people don’t always have to travel and stand in queues. Instead, they can shop from home and have goods delivered.
If the production and management of an online store are not possible yet, try opting for a telephonic order and delivery service.
- Work with a partner
Sometimes it’s better to work with someone than to cruise along like a lone ranger. This prospect with benefit both as the costs are split between the two. It also opens the path for more creativity and ideas as well as better prospects. Your business partner may even know people that could help grow the business to higher heights.
Failing to innovate your business could put your company at risk of:
- Losing good staff
- Missed opportunities
- Product ideas losing their lustre (no longer popular with the public)
- Losing income
- Lack of productivity
- Risk bankruptcy and closure (severe cases)
Why do some companies fail to innovate?
- Afraid to take the risk because there’s a fear of failure
- There’s no training or strategy to implement innovative ideas
- There’s no plan and so no process to implement it
- Lack of finances for some companies
- No realisation for market trends and changes
- Not using digital marketing (like your competition is doing) to expand reach, generate leads and more sales.
The takeaway about the importance of innovating your business
To stay ahead of the game and to be relevant in your niche market you must innovate your business. It may increase costs for implementing training, hiring experts, and incorporating various equipment changes. It may seem like an unwise thing to do, but when your money is invested in the right factors to benefit your business’ future the rewards will show later on.
Embrace the change and move your business to better heights. It doesn’t necessarily have to be an expensive transition, instead, with creative innovation, sometimes it’s the little things that count and creates a big change.
If you haven’t started implementing innovation for your business, then consider making those changes as soon as you can.
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