Innovation for growth ✨

Using innovation to develop your business growth
May 26, 2023

Using innovation to develop your businesses’ growth

Innovation means possibilities, opportunities and progress. It’s what also keeps you ahead of the curve! Since the growth of technology, innovation has been crucial to business growth, efficiency, sustainability, even employee happiness - anything. This is where many businesses and individuals get creative to improve anything.

What is innovation?

Innovation is what allows companies to stay relevant in such competitive markets - therefore playing a huge role in economic growth! The power of solving problems efficiently and quickly today relies a lot on technology, and how we use it. Especially in developing countries, innovation is needed nore than ever!

So what does innovation even mean? Innovation is simply the introduction of something new, something that’s hasn’t been seen. Without innovation, there wouldn’t be anything new. And without anything new and everything remaining the same, there is no progress!

Yes, innovation can also have some undesirable consequences, but change is definitely inevitable - and innovation usually only helps and creates positive impact for these changes. Businesses that don’t understand the importance of innovation risk surviving in today’s ever-changing world, even more with the advancement of technology, it can be easy to fall behind!

Why is innovation important?

Whether it’s adding new automations to your business’ processes, adding personalized experiences or adapting to changes, innovation helps your business succeed in many ways, like:

Builds the value of your brand/business

It looks great to find companies that understand new tech trends (especially if you’re a tech based company) and use it creatively to make new innovations for the business or their users and customers.

Increases competitiveness

Innovative thinking helps your business in countless ways, and in any way you do more efficiently, cost-effectively or anything remotely better - can give you an upper hand on your competitors.

Increases productivity and efficiency

Being able to work smarter through innovation helps increase productivity and efficiency - but also then gives you space to think about new offerings and other ways to cater to your audience’s needs!

Inspires your team

By seeing innovation as a normal part of the day, it can inspire your team to create, develop and use their various and unique skills to innovate with. They do this especially when they feel the freedom to do so and be creative with it! Make sure you help your team by giving them what they need to do so! Which usually means even just your support!

Realizes your company’s potential

Well without an innovative approach, your business would never know the potential it could’ve had! If X could be X or done differently. Have an open-minded approach to innovation, it can come from anywhere and be anywhere!

How do you boost and inspire innovation?

Get everyone in the company involved.

Don’t limit innovation to certain roles in the company. Bring in most or if not all areas of the business - where your “Area” is in the business shouldn’t define or limit the innovation you can generate! Some of the most innovative ideas can come from your frontliners — they’re the ones who are with your clients/customers, product and service every day.

Capture all your ideas.

It won’t matter much if it only stays as a thought. Document what you get from brainstorming sessions with yourself and your teammates. You can do this literally through anything, your notes, docs, memos, videos and even photos. Write captions on them so if anyone had to look at them, they have a context of what it is, and can even provide their feedback and suggestions!

Prioritize ideas.

You could come up with a hundred new ideas and innovations, but let’s face it - there are only so many hours in a day! Once you have ideas in place, manage them like projects - check the resources you have, who in the team can help with it, how much of their time would be taken, etc. You don’t have to limit yourself to one innovation at a time, just don’t bite more than you can chew! Focus on the big picture for your business and team.

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