How to create an innovative business
Updated: Nov 3
Innovation is vital if you want to move your business forward and into the future. Standing still isn’t an option in our fast-moving world and businesses that don’t innovate will ultimately fail.
Making it happen isn’t always easy, but even small steps will put you on the right path.
There are three fundamental ways to innovate:
Improve what you’re already doing
Apply what you already do to a different context
Create a completely new product/service/solution
Here’s how to set yourself on the path to being an innovative business:
Realise that innovation is never a quick fix - but you do have to commit to starting.
At every meeting, ask ‘is there a better way to do this?’
Take a detailed look at your processes and systems and ask how you can improve them.
Make it easy for your team to submit new ideas – and have a ‘no idea is wrong’ policy so people aren’t afraid of being shot down for submitting bad ideas.
Look at what businesses outside your sector are doing to innovate – just because nobody in your sector has done it before doesn’t mean it can’t be done.
Brainstorm ideas for how you can use your business’ existing skills and competencies in a different way e.g. to a different market, with a different product.
Look at how you could price, sell or package your products or services differently. Or combine your product with something else to make something new.
Survey your customers, or examine your customer complaints, to see where their frustrations are – what can you change to eliminate them?
Survey your team to see where their frustrations are too – what can you change?
Collaborate. Work with another company, preferably one with a similar philosophy but different skills. The Smart car came from a collaboration between Mercedes & Swatch (the name comes from "Swatch Mercedes ART").
If you’d like to throw some ideas around, I’d be happy to act as a sounding board - just give me a call on 01526 764354 or email me on firstname.lastname@example.org
"We're passionate about helping businesses to improve and grow"
Rebecca Webster, Electric Accountancy founder
To find out more about how we can help you to grow your business
and supercharge your profits, you just have to pick up the phone:
©2021 Electric Accountancy