To innovate is to stay ahead of the curve and remain relevant, if not progressive.
Innovation in itself stands for game-changing, disruptive developments like the iPhone, or Uber, or Netflix amongst others. Disruptive innovation is one thing, but how do smaller companies without major resources to invest make smart innovation decisions?
Fortunately, innovation does not have to happen at a grand scale to make an impact on your business. As a leader, you are focused on a vision to carry your company through both the immediate business environment and what comes next. It can be tempting to either spend all of your time thinking the current business challenges, or to dream about visionary ideas at the expense of more obvious, smaller-scale initiatives that can drive critical short-term returns and customer satisfaction.
Focus on the 3 factors below to grow your business exponentially.
Identify new opportunities.
Analyze new opportunities in your business by understanding your demographic better. Understand everything from distribution channels to your direct competitors, and even an analysis of foreign markets and other potential industries. There are likely dozens of new opportunities you could pursue immediately with the proper amount of analysis.
Form Strategic Partnerships
Strategic partnerships with the right companies can truly make a world of difference. It could allow you to reach a wide swath of customers quickly. Identifying those partnerships might be easier said than done. But, look out for companies that are complementary to your own. Contact them and propose opportunities for working together.
Leverage global platforms.
In the ecommerce business selling products? Why not use Amazon’s FBA service? In the business of selling services? Why not use Upwork? In the business of renting vacation homes? Why not leverage AirBnB for example or other global platforms? Find a platform that’s reached saturation and use it to grow your business quickly.