How to Maximize Your Business Innovation Efforts

By: Kathy Kent Toney, CEO & Founder of Kent Business Solutions

Image by creativeart on Freepik

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Many companies' innovation efforts often fail to thrive amidst superior competitive offerings in today's competitive marketplace.

If this sounds familiar, here are seven tips to help your organization to become more innovative.

1. Choose and Commit to an Innovation Path

There are three types of innovation: Product, Process, and Business Model. "Process" is the least sexy of the three but is the easiest to tackle first and can reap great dividends. It can range from updating a cumbersome sales process to revamping your assembly line. Such improvements can immediately capture benefits in speed-to-market and increased profitability. Here's a great article that explains these concepts in greater detail.

2. Plan for Innovation

As we all know, unless you plan to do something, it most likely won't happen. Think about including targets for new products and services in your business plan. Make innovation a part of everyone's yearly goals.
It's well-known that if you don't measure it, it most likely won't happen.

3. Mobilize Your Employees

Try the following ideas to spark innovation with your most valued resource!

Be Approachable & Accessible

For your employees to be genuinely innovative, senior leaders and managers must regularly interact with their teams. Being approachable and accessible makes all the difference in the world.

Inspire your Employees to Dream

What does innovation look like to your employees? Inspire a culture of openness to new ideas.

Make Innovation the Norm

Take it one step further—let workers know how much you value their ideas. Make innovation a part of your company values. Talk it up during staff get-togethers. Hold regular ideation sessions.

Reward Innovative Ideas

Take it up one more notch--reward, not just recognize, employees for innovative ideas.

Allow for More Margin

One great way to reward employees who deserve their own category is by allowing more time for creative thinking.

4. Gather Feedback from Your Customers

There are many ways to do this. Here are a few tips:

• Listen to customer complaints, interview/survey them, run a contest for new product ideas, or monitor social media posts.
• Consolidate feedback as a basis for your innovation efforts.
• Most importantly, act on what you discover!

5. Collaborate

Is there another company you can collaborate with that provides excellent synergy? You can go where you can't go alone through such a partnership. It's essential, however, to have a similar philosophy to go along with different skills.

6. Minimize or Maximize

If something is a standard in the industry, try minimizing or maximizing it. Starbucks maximized price and customer experience. Southwest minimized standard offerings, like serving meals. At the same time, they maximized customer service.

It is better to be different than to be better.

7. Bring in Outside Help

If your company needs increased bandwidth, contract with someone for identified projects, or if you need help to determine where to start, think about bringing someone in who is skilled in innovation consulting.

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What innovation efforts have worked for you? I'd love to hear what has helped your company to be more innovative! Or, if you're currently experiencing problems in this area, I'd love to brainstorm some ideas of where you could improve your profitability and increase innovation.

Click the button below to schedule a time, and we'll get something on the calendar!

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