How To Stay Ahead Of The Curve
Has your business reached a plateau? Have sales slowed and momentum stagnated?
There can be any number of reasons for this, but one sure way to break out of the slump is to innovate.
Your small business must constantly adapt to changes in the marketplace to grow continually and stay ahead of the crowded competitive curve.
Developing new ideas is critical to the growth of all companies.
Unfortunately, most small businesses tend to leave the innovation to the big guys and then follow. But as a small business, you have many advantages over corporate competitors like speed, agility and easy access to your entire staff.
Are you using your small size and tight-knit team to identify, develop and apply innovative ideas in your business?
There are a number of ways you can adapt and position your small business for new growth and unprecedented levels of profitability.
As the business owner, the responsibility is squarely on your shoulders to be vigilant looking for new opportunities and creating an environment for your whole team to add value.
Change is constant; if you’re not evolving, you’re falling behind.
Follow these seven tips to innovate, adapt and prosper.
7 Ways To Identify Innovations
- Add Complementary Products & Services – One of the best ways to find and develop new products and services is to ask your current customers what other things they might purchase from you if you offered. Make it a practice to be more conversational and let customers know you’re always looking for ways to better serve their needs.
- Serve New Market Groups – Are there alternative applications for your products that you’ve overlooked? Are there groups of customers that could benefit from your products if used in different ways? Think outside the box for ways to apply your product to other markets and new customer bases.
- Expand Online – Are you completely reliant on over-the-counter, on-site sales? Does your business suffer during bad weather or other low-foot traffic times? Develop an ecommerce strategy to expand your market reach, customer base and sales volume online or through catalogs.
- Improve Productivity & Efficiency – Rapid improvements and reduced prices in business software make it easier than ever to streamline your business management, administrative costs, project tracking and more. Spend time reviewing and testing software solutions to improve your productivity and efficiency.
- Buy or File Patents– If you’re able to protect your innovations, you can put even more distance between you and your competitors. You can even search for and buy or license patents that aren’t being applied or license your patent to others.
- Create A White Label/Affiliate Program – You can easily multiply your sales volume by creating white label versions of your products and let other people sell them under their name. You can also create an army of sales people with a strategic affiliate program. Approach wholesalers, big box stores, distributors and even your competitors about selling your stuff for you.
- Perform An Internal Audit– One last way you can innovate is to look at your business objectively and analyze your strengths and weaknesses for new ideas. How can you exploit or enhance your core competencies, value drivers and customer processes ?
Innovation basically involves making obsolete that which you did before.Jay Abraham
It doesn’t matter how big or small your business is. If you want to enjoy continual growth, you must always focus on innovation. Start using the tips above right away to identify and apply new ideas to help your business thrive.