Innovate or slowly die.....#74
- Adrian Dionisio - business737 owner
- Aug 25, 2022
- 4 min read
Updated: Jan 7
Make changes and do something new in order to improve. This is how a business innovates. The aim is to get different results and to progress. Innovation can include simple things like introducing new ideas or processes. It can involved new services or products. It can also be massively disruptive.
Innovation helps a business differentiate from the competition and stay ahead of the game. You snooze you loose but when you innovate you will dominate. It's all about the mindset, wanting to improving. Trying, thinking, testing and learning until success becomes inevitable. Innovation helps growth, it keeps you relevant and sets you apart from the rest.
This article will discuss the following;
1. Why is innovation important for your business?
2. How can a business be innovative?
3. The 15 Rules of innovation
4. The Risks of Innovation
5. Discover & Opportunity
1. Why is innovation important for your business?
Think of innovation in simple terms. It is simply trying new things to improve.
It can involve changes to any part of your business such as your product or service, your marketing, customer experience strategy.
Doing different things to get improved results is the name of the game. This is ultimately the way any business develops. Don't forget you have to measure and test to determine the effects of changes.
Change is constant in life and business. Innovation can help businesses meet the challenges brought about by change. Done correctly it will stimulate growth and helps a business dominate their market. It can become a key business strength and help increase revenues and profitability. There are many reasons why your business should innovate:
Helps adapt to change
Drives growth
Prevents Stagnation
Increases competitive advantage
Can maximize ROI
Increases productivity
Improves company culture
Keeps you relevant
Keeps you profitable
Improved staff retention, motivation and easier recruitment
Increases revenue
Lowers costs
Differentiates you from competition.
Continuous improvement is important for business prosperity. Kaizen is the Japanese term for continuous improvement. Toyota manufacturing made this term famous with their philosophy. They tried to make each and every process better, through improvement and innovation. No matter how small the change, improvement was always the aim. It is this mindset that reaped them huge rewards.
2. How can a business be innovative?
Start small. The little things count so get little wins and get better at embracing uncertainty. Innovation can happen anywhere and everywhere throughout your business so be creative and experiment. Don't be too ridged, allow flexibility and encourage it because you may be surprised by the results.
As always, it is a good idea to begin with your customer. Your business is all about your customer so there is no better starting point. How can you create more value for them, provide a better experience and ensure that they return?
Brainstorm and note down all your ideas. There is no wrong or right and a winning idea may only be implemented much later down the line.
Once you have your ideas and strategy formulate, execute. Don't waste time dithering. Then test and measure to see what's working and what's not. It's a continuous ongoing process. Have fun with it, don't be scared. You can get everyone in your business involved.
Think of innovation as a mindset
Let your employees loose
Get fresh perspectives
Study and learn
Leverage technology
Innovation isn't necessarily about radical ground breaking changes. It can be about finding simple ways to improve the efficiency of existing procedures. New ways to find customers. New methods to increase profits or reduce expenses. This is what innovation is all about, trying new things and measuring to see what works best.
Innovation is all about discovery and opportunity. Responding to customer needs, wants and problems. Predicting future trends with ideas and solutions. It will give you a competitive advantage and keep you one step ahead. Innovation can bring the added value you need to your business plus widen your employment base.
3. The 15 Rules of innovation
Innovation is mindset
It's all about doing something better
It is a process not a single event
Every innovation should solve a problem
Keep it simple
You have to commit to innovation
Failure is part of the game
Feedback is essential
Ask questions
Make decisions based on measurement and testing
Think progress not perfection
Push the boundaries
Embrace the new
Focus on the customer
Improve experience
4. The associated risks of innovation
Innovation is not guaranteed. It is a process and failure is part of the game. Educated guesses and assumptions do not ensure improvement. You must be aware of the risks and potential hurdles. Be aware of the potential risks.
There can be many expenses associated with innovation. Increased profitability is not guaranteed. It may be delayed or not occur at all. Risk is part of the game so try to keep costs down while innovating. Don't go all out. Run tests on a smaller scale. Experiment before committing. Consider all the costs versus the potential returns. Always keep your customer in mind and try to create more value for them.
Innovation can take up a lot of time, energy and resources. Be careful that innovation means other areas of your business are being neglected. This can have disastrous consequences. The number one priority of any business should always be the customer, never forget that. A fine balance is required to innovate successfully. Instability can become a real problem if there is too much change. Proper innovation strategies must be implemented to make sure the is not too much disruption within a business
5. Discovery and Opportunity
Innovation an integral part of Business737. New opportunities can be discovered through innovation. Try to improve by making changes. Test and measure. Keep what is working well and filter out what is not proving to be effective.
Use metrics and KPIs to determine the success or failure of any initiative. Feedback is extremely import and and should never be overlooked. Measure and test your way to excellence. Innovation is a mindset and should be embraced. In life, as in business, we must keep learning and moving forward. It is the way to embrace change and to live life in general. Experience new things and have fun while you're at it.
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