“Unless you stay focused on innovation, you can be disintermediated.”
– Ruth Porat, CFO of Google parent company, Alphabet
If you think about it, almost every business starts with innovation. Your product, service, or organization was created with the intention to carve a new space in the market, cultivate a new idea, and/or provide something innovative in one way or another. As time passes, you may find yourself or your business to be at a point of stagnation. This is why it is important to always be aware of your area of expertise and potential areas for growth. Constant innovation within your business can be the difference between a failing and a successful company.
So, what’s stopping you from innovation? For one, it could be that change seems difficult or risky, at least on initial thought. But with real innovation, significant time is required to test and foster ideas. Having a dedicated research and development team could be a game-changer for your business. And even if you don’t quite have the resources for such a team, taking the time to discuss innovation with your employees can make a world of difference. A monthly or even weekly meeting like this can accelerate the forward thinking of your company and give you a creative edge over competitors.
The creative process, however, is not always as cut and dry as other areas of business. The key to creativity, especially in business innovation, is proactivity. It is important even in times of prosperity to always be aware of potential areas of improvement and growth. It can be easy to translate this as “always be searching for the next big thing,” but the truth is some of the most successful innovation comes in small quantities.
Innovating your business can be as simple as pivoting to more modern technology or stepping into markets you once thought were a bit out of reach. The world of commerce and consumerism is ever-changing, so challenging the status quo may lead to interesting revelations. Innovation promotes a diversity of new and inspiring people, practices, and ideas that could greatly benefit your business in the long run.
Kelly D. Scott
The world’s leading business advisory and executive coaching organization