4 Tips for Incorporating Innovation into Your Business
In the constantly evolving business landscape, innovation has become more essential for survival. Businesses are continually faced with new challenges and shifting customer demands. Those who remain stuck in their ways inevitably phase out, while those who rise to the challenge triumph.
Incorporating innovation into your business model is a challenge in and of itself. Regardless of whether you are operating a large manufacturing plant or a small local business, change can prompt a range of emotions from excitement to pure terror. However, there are four steps you can take to guide your innovation and minimize your risk.
Think In Systems
Ideas can fail, and that’s one of the reason so many business owners think of innovation as high-risk. Instead, think about innovation in terms of systems. By implementing streamlined, rigorous systems, you’ll move your business forward with a less abstract direction.
Test Before You Develop
Before you put significant resources into the development of your new product, service, or system, you need to understand whether the concept is viable. Consider what research you can conduct at your desk through interviews, social advertising, or conversations with internal stakeholders. You may need to go out and talk with people. Perhaps you can connect with others who have already done something similar. However you make it happen, understand whether the market and/or your company is ready for your new idea.
Instead of throwing all your resources at your new endeavor, start small. Take a short, defined period of time to develop the materials you need, and don’t let this stage drag on until it’s perfected. This stage is about creating something tangible, albeit probably not perfect, for real world testing. Once you have your materials, spend between 6 months and a year attempting to turn it into a business.
Evaluate and (Perhaps) Abandon
When incorporating innovation into your company, you cannot be afraid to close the project down. The biggest mistake many business owners make when attempting to innovate is that they put too much into the process before they know whether it has potential for success. If you’ve kept the project on an incubation scale, then you have nothing to lose when you realize the chances of success are lower than you originally thought. Now you can move on to your next great idea!
It’s often overlooked that innovation takes trial and error. However, with the proper team in place and realistic expectations, your company’s innovation initiatives will inevitably launch your next level of success.
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About the Author
With more than three decades of experience in all facets of sales management, customer service, business growth, and staff coordination, Certified Business Coach Greg Emslie is a focused professional with the tools to help you grow and manage your business effectively.
Driven by his ability to implement proven business concepts and help improve teams, Greg affects all areas of the companies he works with, including sales, leadership, profitability, and decision-making. He focuses on improving efficiency and processes for his clients while helping them grow their revenue base.
Ready to begin finding other ways to make your company more productive? Let’s get the conversation started. Contact Greg Emslie for a business strategy discussion today!