Innovation Can Help Your Business Thrive
The COVID-19 pandemic has been a major blow to large parts of the economy. Although many businesses have managed to survive in these volatile and unpredictable conditions, some may be teetering on the edge of financial stress. In difficult economic times, business as usual may not be sufficient to sustain profitability. That’s where innovation comes in.
How can you promote innovation in your company?
It’s sometimes assumed that innovation requires limitless resources or is solely the province of those in technical or research roles. But developing an innovative business culture typically has more to do with allowing — even encouraging — employees to explore ideas and make mistakes. For instance, it’s a good idea to encourage employees to look for problems to solve and questions to answer.
Ideas can come from customers, suppliers, data and partners, among others. For example, what problems do customers talk about? Equally important, what problems are customers not discussing, or perhaps not even aware of? Customer suggestions can be excellent sources of new ideas. Encourage employees to observe and engage in conversations with their customers — whether they are paying clients or the departments they support within the company — and watch for ways to improve goods and services.
Another strategy is to boost innovation from all parts of the organization. It’s not just the IT or research departments that can come up with new ideas. Every group, from accounts payable to human resources, can come up with ways to innovate.
Why not hold brainstorming sessions? Innovation is rarely a straight shot. Outrageous, seemingly unworkable ideas may be the genesis of concepts that ultimately prove both viable and profitable. Employees need to be confident they can suggest ideas without fear of ridicule. One way is through brainstorming. The goal is to help employees become comfortable considering even wacky ideas, without censoring themselves or others.
Working across departments is also key. People tend to feel comfortable with co-workers they’ve known a while. At the same time, outsiders often provide another perspective. They can help employees question their assumptions and view accepted wisdom from different angles. In pursuing innovation, it often helps to assemble teams that include both colleagues who’ve worked together before and those who are newer to the group.
How can you celebrate breakthroughs?
A big win — an innovation that turns an industry upside down — can change a company by granting it a commanding place in the market. This in turn enables the company to charge more for products and attract bright, eager employees.
Although every innovation isn’t necessarily a blockbuster, each breakthrough can be celebrated. Steady improvements in processes, products and services can boost your bottom line and employee morale. In the long run, small improvements also may serve as catalysts for more revolutionary innovation down the line.
How can you create the right atmosphere?
Companies striving for innovation need structures that foster it. It’s important to build policies that promote research and development. For example, performance reviews should incorporate measures of innovation.
Employees also need time and space in which to develop ideas. If possible, schedule periods of time in which they can shift from their daily responsibilities to focus on generating new processes and projects. In addition, your budget should account for innovation costs.
Keep going
There’s no guarantee that every new idea will lead to profitable solutions for your business. But even if and when the current unprecedented economic conditions stabilize, it makes sense to continually re-evaluate and re-imagine your business operations to ensure they’re still serving your company’s financial interests going forward.
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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