Four Steps to Build an Innovative Platform for your Business
Thinking outside the box tends to be the best way to have that big breakthrough. Many ideas that you have could fail to take off, not because of bad ideas but simply because innovation depends on the success of the product just as much as the idea itself. This is why having an effective innovation platform will help you along the way. We have 4 steps that can assist you in your ventures.
Step 1. Understand why you should innovate. Markets in this economy are always changing so it is very important that you stay up-to-date with the latest trends. There are different types of innovation that you can apply to your business, these include: product innovation, process innovation, marketing innovation, and organizational innovation. These types of innovation can help you find your “why”.
Step 2. Acknowledge ideas from any place. Whether its customer feedback, employees, partners, or the executive team, anyone can help give you that great idea. This means that you might have to monitor your customer service lines to hear feedback. Maybe you have a suggestion box in the office to hear from your employees. Host fun and friendly competitions with rewards around the office to boost and motivate your workers to be creative. All of these can generate the opportunity for an idea to be born.
Step 3. Hire or train new employees in different areas. If you see a gap in you company between growth and capability then it might be time to look outside for help or look to the veterans for their experience. Hiring outside help, even if it is a short-term contractor, can bring in a new perspective that your employees can learn and adopt. Look to your veterans who might not have previously voiced their opinion but can give you beneficial information on what they think would be better for the company. Sometimes people are too shy about speaking their mind, so you should ask. Who knows maybe the next big idea is sitting in your own building.
Step 4. Choose your processes and tools wisely. There are a couple different ways to go about doing this. Some of the processes are, closed innovation which is doing things all in-house. Collaborative innovation is working with your closest partners. Open innovation is being open to customer feedback and ideas. Lastly, a co-innovator is partnering with another business to develop something that you couldn’t do on your own. The tools are the structure and the methods you use to implement these strategies. Any type of innovation can involve risk but having a plan in place can make the process a lot smoother.
Thompson Innovation is here to help make your business more innovative. Contact us to learn more about ways to kickstart innovation and improve your operations.