Business Innovation 2014

Want to be more innovative? What’s ‘in it’ for your business?

Posted on August 21st, 2014

Categories: Advice, Business, Management

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Being an industry leader and staying in that position requires a new way of thinking. Innovative workplaces share certain qualities that help them stay ahead of their game. Continuous investment into research and development is just one of these qualities. Your business too, can adopt certain qualities to help its focus and direction in the way of the most “innovative companies” in the world.

What other qualities are needed for your company to become more innovative? Here are some tips:

1. Encourage creative thinking throughout your business

Businesses that continually innovate also invest in and maintain a workforce of amazing talent, strong leadership, with a strong vision. They develop a culture that rewards experimentation and ‘allow’ for hiccups along the way. Companies do need to experiment and evolve internally to continue to innovate. This can easily be done whereby any risks are carefully managed. Creativity should not be the domain of only certain departments. It’s a way of thinking that should pervade your entire company, including functions like IT, HR or finance.

2. Collaboration can increase innovation between companies

Collaboration between companies and partners can help build new ideas and pathways to achieve innovation. Pooling together each other’s products, services, resources and ideas encourages innovation. This helps to achieve a goal that a company may not be able to achieve by itself.

3. Keep ahead of your competition

Innovation can simply be a new spin on an existing idea or product. Technologies can converge in surprising ways, where one innovator can spark major changes in an industry. Rethinking your industry’s approach to a problem can spark innovative solutions in numerous ways and help your business take a lead in its industry sector.

4. Encourage inter-personal relationships

Modern technology is a wonderful tool and a necessity in any business. If your staff are equipped with technology, they are unlikely to leave their desk to get their work done. However, some of the best thinking comes from conversations where you can enter into a discussion to actually develop the ideas. How does your business encourage this to happen?

5. Ensure that your business structure is fit for purpose

Too much bureaucracy can hinder progress for businesses in terms of serving their clients well. Smaller teams within a company makes staff more agile to provide thinking in real time and then, to take appropriate action. It does not help to take an assembly line approach where resources are crammed to fit a rigid model. Think about what your company is trying to achieve and then align your resources in a fluid way to achieve your business goals.

Continuous innovation and re-alignment is key to your business success. Ensure that your business adopts qualities to focus its direction in the way “innovative companies” do.

We can help you to ensure your business focus is directed in a way to make a positive contribution to your company. Talk to us. Get in touch today to find out how Ascend Twentyone can help your business.

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