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Small Business / Entrepreneurship News

Five Tips to Inspire Innovation at Your Small Business
2012-02-28

innovative business, small business innovation, innovation on blackboard, innovative ideas

 

Product life cycles have started to shrink, global trade has encouraged increased competition and the internet has lowered barriers to entry in numerous industries across the world, so it is vital we don’t get complacent and continue to be innovative.

 

Carol Tice identified the best ways you can be innovative in your small business:

 

Swim upstream – Does everyone in your industry do the same things? Regardless of the answer you need to start doing things differently to stand out from your competitors. For instance a grocery chain, Hy-Vee recently implemented a special checkout lane which only consumers purchasing healthy snacks can use. This innovative approach was very successful and has led to healthier profits this year.

 

Face your fear of change – As a society we don’t encourage change, we like having a set routines and don’t enjoy coming out of our comfort zone. As a business owner it is vital you create a culture that embraces new ideas and celebrates any innovative initiatives.

 

Listen to customers – If you are struggling to come up with new ideas or are lacking in creative energy, do a focus group or an online market research survey. This is a key to many of Procter and Gamble’s latest products.

 

Add unusual services – Don’t worry, you don’t have to be an inventor or a genius to be innovative. Just think outside the box and try and offer another service that isn’t traditionally offered within your industry. A great example is a Flagship store on Wall Street, offering a juice bar, no-appointment doctor, cell phone charging station and other unique services.

 

Get behind your idea – Once you have an innovative idea it’s important you act straight away, because if you wait somebody else will take action. Start by conducting market research to discover whether people would actually want or need your idea.

 

 

  If You Have An Innovative Business - Take Part In Our  

 

Innovative Ideas Competition 

 

 Related Articles:

Getting Your Invention To Market

The Golden Rule About Your Great Ideas

Top 5 business ideas for 2012

Why You Should Start a Business in 2012

 

 

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