Innovation is at the heart of business. A successful company is all about bringing improvement to some sector of people’s lives, providing for a want or a need in the form of goods or services. Sometimes, this may be something entirely new, but other times, it could be improving on what other companies are already doing. In order to remain successful, you need to continue to innovate, but how can you be sure that the innovations you choose will benefit your company?
Look to Sustainability
Depending on the nature of your business and your customer base, you might want to look to more sustainable practices. This is an important value for many people, and sustainability can be good for your public relations and your bottom line. For example, ensuring that the building you work in is green and energy efficient can mean spending less on utilities. Reducing your company’s use of paper and other materials also saves you money. Cutting back on business travel and looking for ways to connect online instead can also be a big saver.
This will also help you branch out when needed, for example Salesforce was originally created to help bridge the gap between business owners and their clients. They have recently launched a streaming service which might seem like a far off idea, but if you break it down, this newest push is still very much within their original business plan, thus, it is both innovative and sustainable.
Improve Fleet Management
If there is a delivery component to your business, an approach to fleet management that improves delivery times, and the overall customer experience can be an important innovation. These days, customers have come to expect fast and efficient delivery. Companies continue to experiment with ways to improve this although they do need to strike a balance. Some people have found the idea of deliveries by drone or a driver dropping off a package inside the home to be intrusive.
However, systems that allow customers to track the progress of their order and better predict when it will arrive can give customers a sense of control. You should make sure that in your efforts to serve your customers you don’t lose sight of the bottom line, including keeping your costs down. You can review a guide on fuel management systems that will help you increase efficiency going forward.
Choose Your Innovation Model
Another way to approach innovation within your business is to choose among one of several models and move forward based on that. Essentially, you can choose between innovation in revenue, in your business or in your industry. Revenue might be the simplest of these and might just involve looking at your pricing and adjusting. Simple does not mean insignificant, and even small changes in this area can have substantial effects on your profit.
In a business model, you would take a look at your products, your services or your processes and find ways to improve them to drive up profitability. An improved system of delivery might fall under this umbrella. Finally, your company might shift industries entirely. This is not just something that large multinational corporations do. Even a small business might move in a different direction if that appears to be where the money and interest is. For example, a local independently owned bookstore or gallery might open a cafe that keeps later hours and offers a community meeting spot for people to do performances.
