Innovation is the domain of Small Medium Enterprises (SMEs)
In the rapidly changing global marketplace, the chances are that many of the ways you are doing business are already obsolete. The continuous struggle becomes the norm. You can’t find ways to solve the problems and frustrations you have, that are stopping you achieving your aspirations. Creativity and innovation need to be at the forefront of everything you do if breakthroughs are to be achieved.
Many businesses, not-for-profits and communities continue to struggle year after year. Never making much progress and often struggling simply to survive. Being able to recognise and work through your problems and frustrations will help you create a culture of creativity and innovation. It will help to make your business grow more profitably and sustainably.
You can drive innovation and business growth by leveraging emerging technology for small business. Unfortunately, few people recognise the need for change. Therefore when they have a problem they become frustrated and find it difficult to keep up with the pressures of competition and the new ways of doing business.
Innovation must be worthwhile
Your best path to success is to make sure you know what your first innovation should be and the reasons for doing it. Mostly innovation is haphazardly linked to a random idea, or opportunity with desperation and fear also playing a part. Sometimes it works, sometimes it doesn’t.
No innovation is guaranteed to succeed, but if you start with the end in mind, you vastly improve your odds. When activities, interests and social profiles are combined with information you have gathered, you are in a good position to start to innovate.
Changing the culture of any organisation from bureaucratical, process-oriented to innovative and creative isn’t easy. It can take a lot of dedication and learning which is time-consuming and can sometimes be expensive. However, your competitiveness and survival can be directly linked to your ability to innovate. Innovation is happening on an exponential growth curve and much faster than most people realise.
Some progress seems slow, yet technologies are advancing at breakneck speed. In a generation, you’ll look back and wonder why people did what they did, instead of just 3-D printing what they wanted at home.
Innovative processes, products or services that solve problems, eliminate frustrations or satisfy an unfulfilled want or need. You may have to spend some dedicated time learning to innovate what will be worthwhile. It may take a while for an innovative idea to become ingrained in your everyday life. But when you eventually make use of it, the innovation makes your life easier.
With the advent of advances in computing power, every industry will completely re-invent themselves to become more efficient and customer-friendly. Many will argue that compared to the rest of the world, their industry will be different. Advanced manufacturing is a concept utilising new technologies to innovate is well worth exploring.
Important attributes of good innovation
Everyone tends to think their ideas are better. However, better is not always good enough, your target should be to make a significant difference. Everyday people whether in business or not, have bright ideas and make discoveries about new or improved products, services and processes. Generating ideas and being innovative are important contributors to a successful business.
- Improves customer service and the customer experience so customers keep coming back.
- Uncovers proven market opportunities to be explored.
- Will add to greater efficiency in the business, while making life easier due to better use of technology.
- If it has high value, it’s worth the effort.
- Higher margins are created, therefore higher profits
- Improves mobility, flexibility and agility so important to a modern business.
- Simple for everyone to understand so implementation is not a problem.
- Your innovation is consumable because it’s nice to create repeat business.
- People become more motivated and want to improve and as a result productivity improves.
- Innovation is disruptive but it can also make you more competitive.
“Innovation distinguishes between a leader and a follower”. Steve Jobs
“I think frugality drives innovation, just like other constraints do. One of the only ways to get out of a tight box is to invent your way out”. Jeff Bezos