Business

Business And Innovation in Small Business

It is often quite interesting when we think of business and innovation. Almost always if we ask owners of business what this means to them they will inevitable state that innovation in business only applies to”Big High-Tech” businesses. This specific point of view couldn’t be farther from the truth.

By its definition”invention” is something new, an introduction of change. As it applies to business it means altering a part of the way you do your business, it may be in sales or operations, it might be changing how you manufacture your products.

It’s been our experience as evidenced by our customers that no matter if you’re hi-tech or low-tech, a small or medium sized business, it is possible to effectively innovate your business and reap massive benefits.

Where would you begin?

You first must recognize that where you are and what you’re doing needs to improve. We typically hear things like,”we will need to enhance sales”. As a generic announcement, most of us have to improve sales. But typically we actually have to modify something in what we sell or the way we market it. Perhaps your product range is out dated, possibly your marketplace has shifted. Innovation in this scenario is all about adapting and reacting to the market forces. You may innovate by introducing a new CRM system to your sales staff. You might start getting your sales team more efficiently utilize mobile technology to maybe put orders while on the road.

Do you have a plan in your business? You want to first know where you’re going before you learn how to get there. You will need to come up with a plan, a roadmap, a clear vision of where you want to wind up. The invention in this for you and your business might be that you get some business advice to assist your business collect a clear plan to proceed.

A good deal of businesses invest heavily in R&D to deliver new innovative products, to the SME business owner this investment could be off-putting. But there are many products in other markets which you may bring into yours and you do not require considerable amounts of cash to get them.

Possibly the single most overlooked resource for invention in any business is the workers. For some odd reason, most business owners believe they are the only ones that could think of new ideas to assist innovation in business. The most successful businesses on earth all engage with their workers to promote new ideas, new thinking, new ways of conducting their business.

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