How To Keep Your Small Business Innovative
It is not an easy task to run a small business! As all small business owners know, there is a lot of work that goes on behind the scenes in addition to managing employees and products or services. In addition to the basics of running a small business, a successful small business owner is also always thinking about ways to innovate.
Start Small
When thinking about innovation, it can be easy to become overwhelmed by big ideas. However, it is essential to remember that innovation can be simple. This is especially true for brand new small businesses. Make it a goal to set aside a certain amount of time each week to sit together as a team and think creatively about the future. This small step is sure to lead to new ideas for the business and just might lead the company to a new product or service!
Work as a Team
A considerable part of thinking innovatively as a company is involving the whole team. It can be tempting to keep innovation meetings exclusive for the higher-ups or people in positions of management. However, the best ideas will be produced when everyone is working together as a team. In addition to new ideas, these types of meetings will also help employees bond with each other and improve their feeling of belonging.
Study Up
Before calling the first team meeting, do some research about the different types of innovation. An introduction to the types is listed below.
- Disruptive products: start at the bottom and work their way to the top. A great example of a disruptive product is the cellphone.
- Reverse innovation is when a product is designed for a weak market but makes its way in rich markets. An example is Ramen, which was initially invented for India but is now a staple in the United States.
- Incremental innovation starts with a reliable product and slowly expands this product to meet consumer needs. A great example of progressive change is the single blade razor that was eventually upgraded to multiple blades.
- Breakthrough innovation refers to products or services that are not available in the existing market. For examples of this type of innovation, think of anything that Elon Musk has created.