Innovation is the cornerstone of great business development and growth. Seems simply right? Just come up with newer and better ideas…..if only it was that easy. Innovation can sometimes come at a price, and that price is failure. Every business can experience a failed product or even a business failure. However, the trick can sometimes be in taking that failure and seeing it as an opportunity that drives greater innovation.
So how do we evolve as businesses and drive greater innovation? Here are our top tips.
1. Dedicated work and culture
Most entrepreneurs are incredibly passionate about their work and driven. They work countless unpaid hours and miss many hours of sleep. But hard work alone won’t get you to where you need to go. There are some other areas that you need to make sure are being included in your business culture such as creativity. Make sure you establish a culture that rewards creativity in your people and has a strong people focus. If you aren’t a people person then make sure you hire a HR manager who is. Your culture will determine how creative, productive and innovative your team is.
Related: How can you UP your entrepreneurial game?
2. Think like a startup
Coming out of Silicon Valley have been some new wave business terms such as Lean Startup, Design Thinking, and Minimal Viable Product. These terms have revolutionised startups and their thinking to help them get products out faster and keep business expenses low. However, existing businesses can learn something from this, and can adopt these principles into their business to make them more efficient. It can also encourage businesses to be more creative with the resources they have if they are limited.
3. Think outside the box
Imagination is imperative for business. Whether it is product development or customer engagement imagination can create extraordinary results. However, it needs to be part of the culture so that this way of thinking is encouraged throughout all facets of the organisation. It isn’t something that is the sole responsibility of the creative entrepreneur who founded the company. It needs to be part of every job role and every department. Encourage your people to try new ideas, push boundaries and give things a go.
Related: Can you succeed as an Entrepreneur if you treat your Business like a Hobby?
4. Research and Development (R&D)
The old methods of R&D might be a bit outdated now, but it doesn’t mean that the concept is. The concept of continued learning as part of the development process can still be a powerful and important tool. Companies can improve product development cycles by adopting a combination of business-hypothesis-driven research and have iterative product releases to increase learning.
Related: Are you across the new software guidance AusIndustry released to assist R&D applicants?
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