Innovation has been a hot topic in this century especially in business. But unfortunately, there are still some business leaders and entrepreneurs who don’t understand how to leverage innovation in small business. These individuals often believe that business innovation is for large companies that employ scientists and have a large research and development department. However, many small businesses can enjoy significant benefits from a well-designed innovation strategy.
In some cases, small businesses even have an advantage over large companies and corporations. Small business owners can do a better job at identifying and implementing innovative ideas simply because their ideas don’t have to undergo multiple layers of approval, unlike in large corporations. Smaller companies can often act quickly to utilise creative ideas and get those ideas into the market by incorporating them into the company’s product or service. This quick action gives the smaller company a competitive edge when they are “first to market” with a new product or a new feature.
Despite being small, your business can also have a number of loyal customers and followers. These followers can provide you with valuable word-of-mouth advertising as well as FREE marketing through discussions on social networking sites and customer review forums.
Being able to build a following of loyal customers also provides you with a source of ideas for new products and new features – directly from the customers that will buy those new products or services. You can ask your customers what features they would like to see in your products and ask about new products or services that would be of interest to them.
Innovation is so important. It can not only improve your existing products or services, but it can also solve certain problems, or help you reach new customers.
If you want to learn more about innovation for your small business, read this: https://www.smallbusiness.wa.gov.au/business-advice/innovation