We all know a business can survive by sticking with what works, but no business can thrive without the ability to innovate.
There are many of ways of promoting an innovative business model, and below I have identified 4 examples that will help you to create a thriving business. These methods help to form a system which enables you to start and grow your business regardless of internal or external challenges it may face. The skill is to keep finding new ways to take your business to that next level.
1. Research & develop
The ability to carry out effective research is fundamental to your business. Knowing your competition, understanding the market, preparing yourself for political and economic change. Searching, understanding and preparing your business around research-based outcomes ensures your business’s success in the face of adversity. Being able to improve existing products and services, and the way your business operates, ensures your business can remain innovative and this image presents itself to customers and investors.
One of the greatest risks to any business is relying on existing solutions, because they have always worked. This may be true, but this does not necessarily mean they always will. Preparing for change is far less demanding than having to deal with it as it happens, and inevitably, there will come a time where your business will need to adapt to changes outside of its control.
2. Invest in resources
Investment can come in many forms. You can invest time, money or resources. It can be internal or external. It can be a little or substantial. It is not the form of investment that promotes innovation, but the recognition of its importance to your business.
Investing in your business can seem risky, but if you have a great business idea, the time and money you expend will be worth it. Spend the time tweaking processes, implementing new solutions, investigating new marketing opportunities and invest your resources where it matters most. You will see your profit increase and your business grow as a result.
3. Be ambitious
Ambition promotes the drive required to excel at every operation or project. Setting yourself challenging (yet realistic and achievable) targets will provide a real feeling of accomplishment, and every target you achieve will give you the confidence to set even more ambitious goals for your business.
Elon Musk is probably one of the greatest current examples of ambition leading to innovation. Ideas of self-driving vehicles, space exploration and a hyperloop connecting San Francisco to Los Angeles set extremely challenging tasks, yet every step taken is towards making them a reality. After all, he who dares – wins.
4. Acquire talent
A business, by nature, is incapable of innovating. On the other hand, the individuals who constitute it can. They are the brains and brawn of the business. Acquiring another business, its assets, or the people who form it is a great way of insourcing innovation into your business. Talent acquisition has always been an important aspect of running a business, and finding talent that can help your business continually innovate can be one of your greatest business challenges.
A history of innovation is a good reflection of an ability to adapt with the times. A business which strives to innovate will appeal to individuals who share the same traits. Work collectively to identify how you see the business shaping in the future, and work collaboratively to achieve it.
Promoting business innovation
There are endless examples of successful businesses which thrive because of their ability to promote innovation. How they do it depends on what they hope to achieve, but what they do all have in common is a recognition of the importance of innovation in helping to achieve the success they strive for.
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