There is so much talk about the role of innovation in business success. But it’s a very broad term, and overused in so many circles, so it can be difficult for business owners to know exactly where to focus and invest. Here’s a way that small business can punch above their weight when they get innovation right.
First, let’s consider that the main purpose of innovation in business is to create your competitive advantage.
There are three ways to compete in business – cost, product/service differentiation, or a combination of both. Innovation allows you potentially to achieve both, and it is the number one thing that you must bring to whichever choice you make, to ensure success. Successful innovation will enable you to deliver your competitive advantage, and become the first choice in your chosen market.
The Australian Bureau of Statistics measures innovation by the development or introduction of new or significantly improved goods, services, processes or methods. The good news is then, that any small business can take on the challenge of innovation to drive business success. Yet, only around 38% of all businesses are actively innovating.
The great thing about the digital age is that at last, we have the tools available to us to compete on both cost and product/service differentiation.
Digital tools allow us to automate processes that used to be manual, and in doing so reduce the cost, while we increase the level of service and the excellence of the experience.
The never-ending array of new digital tools offered to us, allows us so many more competitive options, and also enables us to more easily reach and serve niche audiences.
If you haven’t already established a formal innovation program in your small business, it’s never too late, and you have every chance of claiming or reclaiming your rightful place as leader in your chosen markets.
About the Author
Leanne Knowles is the Founder of Headswitch. Leanne is a former professional skydiver, turned Business Strategist who has been helping business owners for more than 20 years to navigate the risks, opportunities and rewards of ambitious growth and transformation projects.
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