Continuous innovation and staying fresh in approach to work is a great way of thinking…sounds like an entrepreneur. Someone who has grown their business and is on the verge of getting bored with it? Have ideas, but are stuck with the daily grind? Or maybe, you are a solopreneur who recognizes that they have to remain unique in the marketplace and continue to provide fresh ideas to clients.
Regardless of the source, there are potentially two different lines of thinking here:
Where do you see your company in the next ten years? At the same place? Larger? Perhaps in more markets?
If you are like most business owners, you have some vision for where you would like to take your company. The thing is: growth doesn’t happen by accident, and staying in business doesn’t happen by staying the same. Whatever your vision, you will need to gain some level of strategic advantage, and innovation is one of the tools that firms can use to gain it.
Innovation generally means creating more effective processes and products. For a business, it can mean the implementation of new ideas, creating dynamic products and improving current services and products. If handled correctly, innovation is a potential catalyst for business growth and success. It can also help your business adapt to and ultimately dominate a new market.
According to an article in the Harvard Business Review, truly great companies don’t scramble to adapt to the future but instead adapt and work to create the future. This includes anticipating, adapting and reacting to new technologies and integrating one’s business model. The article also points to the case of Microsoft, where the CEO dismissed the iPhone and claimed it would never gain significant market share; IBM acted to the contrary by directing its focus to growing technology in cloud computing, which led to rapid growth.
Your company doesn’t need to invent a new product like the iPhone to compete. But you do need to anticipate growing trends in technology and the infrastructure being created in order to get ahead. Take the first step by combining the use of new technology with growing business trends, like automation, to stand-out and compete.