New Business Idea Success- why aren’t you innovating?

So you want to increase the odds of success for your business, stack the odds in your favour and gain a competitive advantage over the rest of the market?

You wonder how it is that other businesses are pushing ahead, thriving and growing, while you sit stagnant in square one; your business is stable, but its’ growth is stunted by something you can’t quite put your finger on. You think you may know the solution to your business’ growth problems, but fear the many challenges that come with this very solution, and as a result have become complacent.

The answer (which I’m certain you are already aware of); innovation.

Whether you’re starting a new business, running a small business, operating a franchise, or you are an entrepreneur looking to make your mark on a particular industry, there has never been a more opportune time to push new business ideas into the marketplace.
In fact it’s not so much an opportunity anymore, it’s becoming a must. New business ideas, or innovations, are the future of business, and certainly the key to business growth. We can no longer focus on just cutting costs or stealing market share. New has become the New New! (you quote that if you like)

Your Competitors are – Why not you?

Forty-eight per cent of all Australian businesses are currently innovating their processes and product offerings, so remaining complacent and fearing innovation, produces a rather dire outlook for the future of your business. In my last article I spoke about the possible Death of Ideas in Business and some of the things that hold us back from bringing creativity and innovation into the workplace.

The outcome of continuing with outdated business models, outdated business plans and outdated business ideas is quite obvious and inevitably a poor one.

Eventually your target market will grow tired of seeing the same business ideas generated over and over, hitting the market with only the most subtle of differences from the product preceding it, and the one before that, and the product before it, etcetera, etcetera… Small incremental changes in your offering just don’t cut it anymore.

And although they may continue to patronise familiar products, services and brands, the consumer is longing for something new, even if they don’t realise it yet; after all, don’t we all find ourselves drawn to and curious about things that appear shiny, new and unfamiliar? We long to be first to try the next Big Idea.

Innovation is everywhere and innovation is necessary. Think about it, if 48% of Australian businesses are currently innovating (and they are), and if you’re not one of them, you will eventually become extinct!

Yes, but How?

Of course, you are already aware of the necessity of innovation; the relevancy of the concept is easy to grasp.

Develop a new business idea, send it out into the market, gain traction and generate interest with the target market, obtain consumers, gain competitive advantage, boost revenue, find eventual business success and growth. You know this is what needs to happen, but why isn’t it?

What isn’t so easy to understand are the processes through which these ideas for business innovations are generated, how they are developed, and subsequently pushed directly to the market.

In order to innovate, at the very basic level, you must be able to define the problem the customer is having, and transform this problem into a profitable solution. That’s the difference between ideas & Innovation.

So you’re now sitting there thinking;
“Yes. I know I need to innovate for the future health of my business, and I can see the benefits of coming up with new business ideas for both my business and my customers, but how do I go about innovating?”

Business Innovation Process

I believe businesses need to be implementing an “Innovation Process” into their regular operational routine. Or as others sometimes call it, an innovation business plan template, that will allow you to systematically and creatively generate profitable innovation within your business.

An “Innovation Process” at its simplest level includes the following four stages;
Space 4 Creativity
• Idea Development
• Build-Test-Refine
• Launch

These four stages of the innovation process will be explored in further depth in a series of upcoming articles giving you – the future innovator – clear and concise insight into the best means of innovating your business plans and ideas.

And if you still aren’t fully convinced that innovation is the way to go for your business, consider that by innovating you may not only prolong relationships with current target markets, but you may also succeed in uncovering an entirely new market for your business.

Stay tuned as we explore setting up an “Innovation Process” in your Business.

 

BizScaping is a Boutique Business Coaching Enterprise focused on Real Action and Real Results. You can follow our Blog here or reach out to us if you’d like to know more about how to take your existing or new Business in a better direction. #outsourceyourstrategy