A Business Needs To Be Innovative To Stay Successful
For many business owners, it can be agreed that nothing stays the same. The technology you use will change, your customer’s needs will change, and even your market will change. To keep up with changing technology, customers, and markets, it’s essential that you are always allowing yourself, and your team the opportunity to change too. In fact, embracing innovative practices is crucial if you would like to stay a leader in your industry.
What Is Innovation?
For a business to be innovative, it needs to take new risks by advancing and changing their offerings. Regardless of if it’s a product or service, business innovation focuses on introducing new ideas. In fact, a study by Accenture revealed that more than 90% of executives believe that the ability to develop new ideas contributes to the success of an organization. A great example of this is the way Amazon created an internal website for their employees to allow them to electronically submit new ideas, whenever they come to mind, similar to a ‘suggestion box.’ From this, Amazon was able to encourage innovation among its employees which eventually led to one of their software engineers submitting the idea of free shipping. This was later developed into their Amazon Prime membership.
Why Your Business Needs To Be Innovative
Many businesses see growth and can scale their company once they implement innovative practices. And for many business owners, growing is their goal. In fact, the 2015 Deloitte Innovation Survey found that 66% of respondents stated that innovation is vital in encouraging business growth. Meaning the more innovative practices you encourage in-house, the more likely you’ll be able to offer new services or products to gain new customers and boost customer loyalty.
Many businesses find that innovation can make them more competitive in their respective fields. Meaning, the more advanced they are and the more offerings they can provide, will ultimately set them apart from others in their industry. Making them the most logical choice for consumers. This is extremely important for businesses if they want to stay successful because it will help them stay relevant to consumers as you offer something that others don’t.
Many businesses also find that innovation can make their business more attractive to potential employees and help retain current employees. This stems from the fact that as baby boomers are starting to retire, millennials, who seek more meaningful work, are beginning to dominate the workplace. So now, more than ever before, business owners must make their business the most attractive with their offerings. And for many millennials, free lunches or flexible hours aren’t the only things they’re looking for. In fact, many are looking for more engaging and groundbreaking work opportunities with known, innovative companies. So if you want to continue to attract and retain the best talent, you must stay innovative.
What’s The First Step To Becoming More Innovative?
Many businesses often struggle when they try to implement more innovative practices because they are unsure of where to start. And with that, we suggest that you begin with your business management. Implementing more innovative business management practices allow for your company as a whole, to become more streamlined to better meet the needs of your customers as well as your team. Using innovative software solutions such as Acumatica and Sage are only two ways to do this. Each program focuses on a specific industry and takes everyday struggles that many businesses have, to create simple solutions to boost efficiency and productivity.
Depending on your industry, your initial needs, and your goals, we believe that we have a tailored solution to help your business. Contact us today to see how we can help your business become more innovative through your business management.