INNOVATE TO GROW YOUR BUSINESS
As an entrepreneur, you are inspired to do something better—offer a better service, produce a better product offering, make a better contribution to the world.
We don’t need to tell you that in order to grow, you can’t rest on your laurels. It’s crucial that you embrace change, double or triple down on innovation, and grow.
WHAT DOES IT MEAN TO INNOVATE?
It’s a must-do for any business. But don’t worry—as a first-generation entrepreneur it probably already comes naturally to you. Innovation means creating more effective processes, implementing new ideas and improving existing services in order to be a sustainable, long-term business. Innovation is the fabric of a business’s culture.
WHY BUSINESSES INNOVATE
They are forced to—if they want to survive, that is. To some degree, the rate of technology in this country alone forces entrepreneurs to innovate just to keep up.
But it’s also out of desire. There are so many entrepreneurs who want to try new things. It’s i
THE QUESTION IS WHEN—AND HOW
If you’re not sure how much to innovate and when, you are not alone. It’s a big fat question that you just don’t know the answer to. It can be scary and uncomfortable to take a chance on the unknown. So much about innovation is experimenting to find the right time and the right pace. As you become more experienced, you’ll have a better idea of when to hit the accelerator and when to pump the break. Until then, a business advisor or mentor (like Gerber!) can guide you.
INNOVATION: A RISK AND AN OPPORTUNITY
While innovation may be a risk, you can’t survive without it. A business without goals for growth, room for expansion and the guts to take a chance will tank fast.
Innovation provides opportunity, but you have to be willing to see it and take action. For example, many people have accused Amazon of being a small business killer and if you own a sporting goods distribution business in a small town, you would probably agree. A typical small business that competes with Amazon is going to lose. You have an opportunity here: don’t compete with them. Innovate instead.
Make a spectacular product—something that is unique, adds value and is like nothing else out there—and use Amazon to distribute and market it for you. Partner with technologies such as Alexa to fulfill your orders. Don’t take on the giants. Innovate —and figure out how to use them to grow your business.
Each time you innovate, you will gain new knowledge and experience that will guide your future innovation decisions. Proactively identify your innovation opportunities, and measure those results. Use it to learn, grow, adjust and succeed.
How has innovation impacted your business? Share with us on Facebook and Instagram!