Understanding Innovation and How It Benefits Your Business

Understanding Innovation and How It Benefits Your Business

According to BusinessDictionary.com, the primary definition of innovation is risk-taking. Companies that possess innovative traits continually look for new and more efficient ways of creating their products and services as well as improve customer service.

No matter how long you have owned a business, you know that markets, products, services, pricing, and customer expectations change frequently. To embrace innovation means that you’re always open to new ways of doing things. While it’s true that innovation benefits business, it benefits the end user even more. However, it requires creativity, risk-taking, and an open mind to truly become a business known for its innovation.

Innovation Improves Employee Productivity

It’s hard for anyone to feel creative on the job when they’re bogged down by slow processes and attending to endless details. If you expect greater productivity from your employees, you must help them discover new processes that free up more of their time. This is where creativity comes into play. Instead of completing a process in the same old way, everyone on the team should ask themselves the following questions:

  • Is it possible to streamline two or more duties?
  • Have any of these functions become unnecessary?
  • Does delegation to other employees, independent contractors, or outside agencies make sense?
  • Could the team use a new software program to improve workflow?  

It might surprise you to learn just how creative your employees can be when faced with these questions. Be sure to give everyone the time to speak, consider all ideas, and explain the reason behind any changes that you decide to implement.

Create Unique Character to Stay Ahead of the Competition

It can be challenging for your business to stand out when you only have a few competitors, but it can feel impossible when you’re in a saturated market. Working with an experienced small business marketing company is a good investment because it allows you to come up with a unique company or brand personality. Once you have identified the thing that makes your business different, start marketing it as much as possible. It should match the personality you have established for your brand to help people remember it.

One of the biggest benefits of innovation in business is that it allows you to differentiate your company from your closest competitors. You won’t feel compelled to copy their ideas and end up lost in the crowd. Potential customers will remember what makes your business different and visit it instead of another company that offers similar products or services.

Innovation is an Ongoing Process

Innovation isn’t something you achieve one time and forget about. It’s an ongoing process that requires input from everyone on your team. Consider holding regular brainstorming meetings and let employees know that their new ideas are welcome at any time. This helps to build an atmosphere of innovation where people don’t feel self-conscious about sharing their thoughts. Don’t forget to check in with your customers as well to find out what they would like to see change.

Change is the one thing you can depend on as a business owner. It only makes sense to welcome it and not to fear it.

BizResults.com is about execution, getting things done, moving the needle, helping the business owner succeed.  It’s always exciting to learn about the solutions and challenges business owners are facing daily, and to see how we can work together.  We’d love to meet with you and hear your story.