When people think of innovation, they tend to think of big technology firms and multinational corporations: new gadgets, glossy and expensive products, and big tech expos. While innovative creativity is essential for large businesses, it is also vital in the small business world. Innovation and small business must go together because it allows your business to stay vibrant, to retain customers and attract new ones, and ultimately to grow and develop over time.
Carving out a niche in the small business world is great, and an important first step towards financial security. If you’re doing something right, keep at it. But in today’s fast-paced world, the ability to adapt to changing circumstances is useful.
In other words, it’s essential, as a small business owner, not to get too comfortable in your thinking and approach. Just because a system or method is working now does not guarantee it will forever. For this reason, seeking diversity in your methods allows you to be well-prepared for hard times, and to weather downturns if they do occur.
How To Innovate
There really is no one unique path towards effective innovation. That said, there are certain techniques that are often useful.
Adding new products or services is a great way to support long-term fiscal health. Variation in what you offer allows your income to diversify, strengthening your overall resilience. Similarly, small expansions — like adding a second storefront, or updating a website — can be enormously important in spurring business growth.
Innovating in Methods
It’s important to remember: to innovate does not necessarily mean to change what your business offers. In some cases, it’s really a matter of how you do business. Review your routines, habits, methods of accounting, payroll — essentially everything that constitutes the management and habits of your business.
Ask yourself: Is there a more efficient way to pay employees? Can you find a way to streamline the ordering process? Would an update to your online shop spur growth? These and other questions will encourage thinking outside-the-box, and will help to make innovation a consistent theme at your business.
In short, there are countless ways to innovate and adapt to a changing business environment. Even if your business is small and specialized, there are always ways to amplify what you’re doing right, and improve (or, if necessary, excise) what isn’t working well. Try to employ the tips and patterns above, and you are likely to see results in the long term.