There is nothing new under the sun, or is there? The word “innovation” is probably a term you have heard more and more over recent years. It is a simple concept really, meaning to introduce something or it can refer to a new idea, method or device. So why all the fuss over a big word that basically means a new idea? Because this simple concept can mean big changes for your business.
Many times businesses get stuck in a rut, doing the same things the same way just because that is how it has always been done. To some people, change is scary but innovation does not mean you have to make drastic over-night alterations to your company. First, start simple by going over rules and procedures and see what adjustments can be made there. Think about if these procedures are really the best and most productive way of doing things still. Secondly, involve other people, the employees, in the innovation process. If employees know that a business is open to new ideas and willing to listen to them then they may come up with some innovative ideas that you may not think of on your own. Plus if a business is run by ideas developed by the employees themselves, your workforce is going to be very motivated and involved in the company. Thirdly, business owners and management should make sure they keep an open mind. Some of the craziest sounding ideas might be the ones that make your company the leader in its industry.
- 41% said that innovation is central to being a successful business
- 13% think that it helps motivate employees
- 33% think that innovation helps them achieve higher profits
- 37% say that innovation contributes to every part of their business
- 44% said that their business is going to be more successful in the future because of innovation
- 33% of companies who employ 50 or less people see innovation as high priority
- 20% say innovation is not part of their business at all