Being innovative has been the key to many small businesses going big. By being able to pivot easily without a lot of red tape being involved small businesses can innovate faster than most enterprises. But what is innovation and how can you implement it in your small business?
What is innovation?
Innovation is the incorporation of new ideas into your business. This could be a change to your business process or the introduction of a new business process. It could be a change to your product or service to improve it for your market or it could be a whole new product or service which you add to your line.
Innovation comes from a creative process and is influenced by what is happening within your company as well as what is happening outside of your company. By examining these trends you can introduce innovations into your company which will help you to keep ahead of the pack.
How can you implement innovation in your small business?
Innovation is easier to implement in a small business because the leaders are usually very creative individuals who enjoy taking some risks. Here are three ways you can incorporate innovation into your business.
1. Develop innovation into your business
It is important to have innovation at the core of your business. You should create innovative goals which help to improve your processes and products. Another aspect to consider is to set aside time each week to engage in creative practices and to think about your business’ innovation growth plan.
2. Involve your staff
Small businesses have an advantage. They are able to build trust and work as a tighter team because they tend to be a smaller group of employees. This is advantageous because your employees may feel more free to come to you with their innovative ideas for processes or products in your business. You should ensure that there is a suggestion box in your business where employees can enter their suggestions for your business.
You should review these suggestions periodically and implement those which you believe will be an asset to your business. In your brainstorming meetings, you should send out the problem you will discuss in the meeting a week before. This will give your employees time to ponder solutions. In the initial stages of the brainstorming meeting, you need to ensure you don’t pre-judge the ideas but rather allow all ideas to be suggested before you analyze the pros and cons of the ideas.
3. Spend on innovation
It is important that after you have reviewed how to innovate in your business that you invest in it. You should ensure that you spend money on products which improve the technology and communication systems within your business.
Furthermore, look at what machinery and equipment you need to improve the productivity of your business and lastly ensure that you allocate the right amount of funds to research and development so that you can offer the best products and services to your customers.
By embracing innovation small businesses can grow and develop into the stalwarts of the industry. They may even create disruptions in the industry. Therefore go out there and take the risk to be your best.
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