Business and Management

How To Grow Your Business With Innovation

To grow and survive in a competitive market is challenging. Businesses need to generate fresh ideas in order to build new markets.

Research indicates that most new innovative business ideas come from three sources: The staff, Company networks and Customers.

Image Source Google

Think about your company's situation. Do ideas get lost in day-to-day operations? Does your company have a formal customer feedback process? Do staff ideas get lost in emails and staff meetings? As well, management often does not know how to assess which ideas they should implement.

To cost-effectively assess and commercialize ideas within your workplace you first require a system to capture those ideas.

An in-house innovation process needs to be simple and easy to manage and incorporate these elements:

An innovation program is best for businesses that want to grow within a market. It is in effect, a people strategy.

So what makes staff want to participate? It might be time to work on the idea (Google does this), or an award-system, or a monetary incentive.

A company must protect itself however with a simple agreement that outlines rights -that states the business owns all the intellectual property created.

These days innovation is not a luxury. It is about continuous improvement and keeping your company relevant. It is also about retaining staff and creating a dynamic workplace.