Four reasons why innovation is critical to survival
It’s safe to say that 2020 and 2021 have been disruptive years for business owners. Trying to manage and lead a business through financially tumultuous times, a huge amount of uncertainty and spontaneous business closures has been challenging.
When a curveball is thrown at us (which there have been PLENTY of lately), without innovation, many businesses don’t survive.
A couple of examples locally have certainly inspired us and prove it is possible.
From catering companies serving up their menus in the form of home dinner kits, to hairdressers jumping online to teach styling masterclasses, it’s proven that where a mind can conceive something as a possibility, a business can achieve.
For the month of October we are focusing on how to foster innovation and creativity in your business and also hone in on the things that might be preventing it from blossoming.
This week we will focus on four reasons why innovation is critical to surviving and thriving.
1. Times are moving FAST
The speed of technological evolution is moving at a phenomenal pace, meaning the speed in which businesses need to adapt to these changes is also increasing.
Unlike ten to 15 years ago, technology and the adaption curve is getting shorter and shorter in time, before new technologies overtake existing ones.
Without staying on top of this ever-evolving space, and keeping innovation at the forefront of your business, it’s likely technology may overtake and leave you behind.
2. Innovation attracts and retains talent and high performers
According to Alex Goryachev, Head of Innovations Strategy at Cisco’s corporate innovation strategic group, as more millennials enter the workforce, working for an innovative company is at the top of their wishlist.
“47% of Gen X’ers and 42% of millennials say they would leave their current job for not only more money, but also for a more innovative environment,” he said.
“Through numerous fresh perspectives, you’ll produce more valuable breakthroughs and powerful results that will keep your employees engaged.”
3. Innovation creates a competitive advantage
What are your points of difference in your business that sets you apart from others? Chances are, it is something innovative and something nobody has done before.
If you fail to innovate, and continue to do things ‘how they’ve always been done’, you may be missing out on some huge opportunities.
Nishan Singh from Analytico agrees it gives you an edge over your competitors.
“Innovation in business provides consumers with a motive to choose you over others. It also aids a business in penetrating markets faster and more successfully.
“When your business incorporates an innovative culture, your company will grow much more smoothly and efficiently. The correct techniques can help save time and money while giving you a competitive lead in the expansion of your business.”
4. Without innovation, you become irrelevant
As we evolve in solving problems, it’s human nature to want to ‘move onto the next thing’ once a problem is solved.
If your business provides a service or product that is a solution to something that may become more frequently resolved through external means, the need for, and value of your business decreases.
By innovating, you continue solving problems for customers, thus remaining relevant.
Do you want to learn how to be more innovative, grow your business and take responsibility for your outcomes and success? The 90 Day Culture Accelerator guides you through a 12 step process to define your vision, attract rockstar talent, manage and lead with confidence, and grow your business profitably. Visit www.90dca.com.au to find out more.