As human beings, we are resistant to change. As Einstein famously said, “Insanity is doing the same thing over and over again and expecting different results.” The problem is we generally feel happier with what we know – and can carry on in the same form of modus operandi for years. Even if things aren’t working out the temptation is to carry on and hope that magically things will just change.
Business, however, is a different story. To survive, businesses must continually evolve to grow and deliver whatever it is that customers need or want.
So, if your company is stuck in a rut, read on to find out the top five reasons for innovating, and the results that new ideas and innovation can bring.
Innovation to Survive and Thrive
In an increasingly competitive business environment, innovation is key to long-term survival. But innovation doesn’t just mean developing new products. Re-evaluating business strategy, operations and processes are all important strategies in moving your business forward and beating the competition. Changing the way your business functions, trying new approaches, and embracing innovation, will carry your business into the future and keep you ahead of your competitors.
Drive Employee Engagement
Not only does innovation improve business prospects, but it has also been proven to inspire employees. A workforce who are actively engaged with improving and developing a product, service or process are far more likely to remain loyal, work harder, and enjoy their job. And as employees are already involved in the business – they can often come up with truly innovative ideas as a result. So, create an atmosphere open to innovation and employee ideas within your company. Setting up a suggestions box or installing innovation management software will enable employees to submit ideas and get involved.
Connecting creativity to profit can be hard, but a company who innovates is far more likely to succeed – and improve the bottom line as a result. An innovative new version of an existing product, a brand-new product, or inventive new idea will increase sales and maximise profits. Moreover, the innovative use of resources and processes will create cost savings in production, running and delivery costs.
Adapt to Customer Expectations
In a competitive trading environment, cost remains an important consideration. However, welcome improvements to existing products or services can win over an existing customer base and increase loyalty to your brand or product. Researching customer desires and finding new products or ways to deliver a better service is fundamental to business success in today’s world.
Attract New Markets
A global market has different needs and desires, so adapting existing products or services to suit an overseas market is a valuable way to attract new business. Many international companies have found that not only can innovation drive exports to new markets, but they also experience what is known as a ‘virtuous circle’ where exporting itself led to innovation. Over half of all firms (53%) have said that a new product or service evolved due to conducting business overseas.