10 Great Ways to Innovate Business
Posted on April 7, 2014
There’s no qualms about it. If you want your business to be at the forefront of industry leaders and shakers, then you have to learn to innovate. Just how can you do that?
Here are 10 great ways to innovate business.
1. Know that innovation can come anywhere.
Innovation isn’t the sole skill of your top management. You may have people at the lower rungs that can also pioneer it. The key is being open to the idea that innovation can come from places you least expect.
2. Place your focus on the user.
Focus on what your user wants and create a great experience.
3. Always aim to be better.
If you want radical change, Google says to think 10 times improvement. Going after this goal will force you to think out of the box.
4. Bet on insights.
Every organization has its own unique insights. It is these insights that usually lead to innovation. One perfect example is how Google came up with the idea of cars without drivers. It came to be after they saw millions of traffic deaths that came about from human error.
5. Do not wait for perfection.
A lot of times, business owners hold back from launching their products because they’re waiting for it to be perfected. But there may be some value to not waiting. If you ship early and trust our users to get back to you, you can “iterate” your product and still make it better.
6. Your employees deserve their time.
Employees can provide a lot of input in the creative department. Give them time to pursue whatever they are passionate about and you’ll be surprised. There was one Google engineer who was planning a trip to Spain who found out he cannot get a close up view of his hotel. Apparently, the roads were too narrow for the Google Street View car. This was the same engineer who alter developed a street view camera to fit narrower cars and streets.
So give your employees the time to think but also provide them with the structure they need.
7. Make processes open.
Your user base may have great ideas. But if they cannot access your processes, then those ideas go to waste. That’s the principle behind the Android platform. With the default to open, it allowed hundreds of developers outside of Google to create apps.
8. Do not be afraid to fail.
Not all ideas will succeed spectacularly, unfortunately. That’s just the plain truth. But that doesn’t mean you shouldn’t try at all. It’s okay to fail, you can just get the best features of a failed project and try again.
9. Have a mission and purpose.
Believe that your work has the potential to impact other people in a positive way. But do not let your company mission and vision to the way of the generic, almost “marching order” type of goal. Those may even let you lose focus.
Be intentional with your intention for innovation. Frame your goals in the way you want to make it work and make it about the customer.
10. Learn when to step in and when to step back.
Do not attempt to over-engineer the whole innovation process. It’s enough to give the support and structure your employees need. It will help them navigate uncertainty without stifling the creative process.
Every organization aims to get results and is structured that way. Poor performance is the result of a poorly structured organization. To get the best results, you also need to have the best strategies, business models, structure, processes, tools and reward systems all working in a balance.