Insight #7 - Innovate for Real Success

Deciding to be genuinely innovative, or at least ahead of the curve in your industry will be one of your best and most profitable business decisions, especially if the innovation is driven by research and feedback from key clients.

Successful innovation comes from always being on the lookout for new and better ways to execute every aspect of your business, from products and services, to marketing, sales and customer service.  One of the keys to innovation lies in habitually searching for new trends in your industry and other industries as well as looking for ways to adapt contemporary technologies, processes or services as innovations to your business.

At the core of all companies that are successful innovators is a company-wide culture of innovation. That’s because there is an amazing resource of knowledge, creativity and business intelligence that lies untapped in the brain trust of your staff, clients, partners and suppliers that must be nurtured. Smart businesses create a climate that is conducive to always bringing forward ideas for change and innovation.

Besides helping to keep the business on the leading edge of innovation, this strategy has the added benefit of enhancing team engagement and commitment to success. That win-win approach to innovation has serious profit improvement benefits.

Tip #7: Create a formal innovation policy that empowers, invites and rewards all of your staff, clients and suppliers for suggesting ideas about innovative ways to improve products, processes, services, sales, marketing and customer service.

Be sure to perpetually capture all innovative ideas for either immediate implementation, or for future reference in think tanks and brain storming sessions. Develop internal processes and systems that stimulate and appreciate innovative thinking from all employees, and be sure to make time for regular, high quality, formally moderated brain storming sessions. Taking prompt action to test and implement the ideas you develop will keep you on the leading edge of success.