Innovation

Innovation … the Keys to Success!

It’s the new law of the jungle for small businesses.

So, what is innovation? Innovation, can be a very simply thing, or it can be very complex. A business innovation, is a new or improved process, product or service that adds or creates significant value for customers of the business. For example, a firm delivering meals from gourmet restaurants is providing an innovative service. A company producing a better mousetrap has developed an innovative product.

Implementing an innovation, is the important part, when it comes to small business. How can you take a new idea, for a service or product, whether brand new, or a complimentary idea to your present service or products, and provide better service to your clients and hopefully make more money.

A guide. “Innovating for Success: A Practical Guide to Innovation for Small Businesses”, leads small business owners systematically through the steps of making innovative changes to the way they do business.

“Innovation is the key to success in today’s competitive economy,” and “Anyone who takes a “business as usual” attitude in today’s marketplace will fall behind.”

But why the sudden emphasis on innovation? The results of a survey of 2,000 small and medium sized businesses. The study found that innovation was an important factor in distinguishing the more successful from the less successful firms. Fifty-five percent of the companies surveyed had recently introduced an innovation into their business practice, and 33 percent attributed their business success to their innovation strategy.

So, what can the small business do? Small businesses and individuals have to learn to make innovative use of new technologies to keep their competitive edge. Companies that recognize the need to change and are quick to capitalize on opportunities in innovative ways will have a clear competitive advantage.

A fear of trying, often inhibits individuals and companies from embracing innovative change. Innovating for Success takes some of the mystery out of the process by presenting a model for understanding and managing innovation. This model comprises four steps, the “Four Ds”: defining the desired innovation, designing it, developing the design, and deploying the resources of the company to accomplish the desired goal.

Innovation is a small business’ strongest suit and it’s ability to manage and benefit from change in an economic environment that’s constantly changing. Small businesses are lean, agile, and exceptionally able to change in response to external events and need to hone this ability to a fine art. Any small business that stays stagnant is bound to be left behind.

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