Basics of Business

Innovation can result in either phenomenal success or even a less-that-optimal outcome. The key is to be strategic and tactical when approaching and implementing your innovation plan. If your organization has recently embraced innovation into its business strategy and is now experiencing a darkening atmosphere of crisis amongst the employees, negative impacts on company finances and budget, or being led astray from the mission statements of your organization, step back and reassess your situation. How can you develop business strategies and business models that create growth and success with new and improved business value and better working relationships?

Organizational problems? Concerns? Is business just not quite where you would expect? Whether it has been caused by complex mergers and acquisitions or from restructuring and innovation, research will suggest proven techniques that can work for your organization. Every business encounters periods of peaks and periods of struggle. And through each phase, you try to balance the various pieces of information and advice to ensure that you can mitigate the negative effects of change and jump on the potential opportunities.

Conduct an internal review of your business health. Start with a check-up on the financial

Using Business Innovation

Introducing a new product/service which customers are not yet familiar with, either by pioneering a novel technology or changing the quality of an existing good, could ensure a business a high market share. This is because it is considered an early mover. Companies that employ this strategy are also able to charge high prices in the short term for their products and services, as they recover their capital investment before competitors enter the market.

Organizational restructuring often involves an improvement in internal processes. Changing the way things are done within an organization, could bring about dramatic reductions in costs. New ideas in this form, could involve an elimination of non-value adding activities and improving the efficiency of value-adding activities. The same thinking could be extended to service delivery, where companies can improve their customer interaction and satisfaction by remodeling the channels through which their products reach the end-user. In recent times, many organizations are interacting directly with customers using corporate websites and smart phone applications to sell products, gauge customer satisfaction and promote new products.

Customer value is assumed to increase when a product does what it says it will at prices consumers

The Importance of Business

Innovation and creativity both play a very important role in the success of a business. Through the use of innovative ideas, business processes can be improved, efficiency can be increased, new products can be developed, and profitability can skyrocket. Companies need to continually encourage an environment of innovation, even if it means investing in it during difficult economic times. By doing so, they will be assured of being in a competitive position when the economy improves. The business world is highly competitive, making innovative ideas more important than ever before.

Advantages of an Innovative Environment

Innovative ideas can be useful to a company in a wide variety of ways. In some cases, productivity may be improved, which can help a company lower costs and become more competitive. Relationships and partnerships with other companies, customers, suppliers and sometimes even indirect competitors can often be improved through innovation. Companies also frequently find new ways to promote and more effectively advance their brand. In some cases, an innovative idea might represent the introduction of an entirely new product or service. However, in many other cases, it might simply mean a series of small changes that over

Business Innovation As a Manager

If anything, this recession has taught us that new business innovation is critical for the survival of the companies we work for. Business innovation is after all what keeps a company from folding. As a manager, you can do a lot to foster new innovations in your company and keep you off the unemployment line. I would like to present a series of five small articles on what you can do as a manager to come up with new ideas and processes to help keep your company profitable.

Business innovation starts with key leadership. By being a good leader for your team, you have to be pasionate about your work, be optimistic and have a positive outlook, don’t let setbacks affect your positive mindset, be a forward thinker and be driven to affect change, surround yourself with only positive people wherever possible, concentrate on a team culture instead of a ‘me’ culture, resolve problems quickly and above all, learn from your mistakes as well as other peoples mistakes. Leaders who a truly great, share their visions with everyone in their company and don’t keep their innovative thinking in the closet.

You also have to be organized

Business Innovation

Many of my small business clients believe they have to have some earth shattering, life-changing, superbly unique business idea before they can go into business or implement it into their current business operation. But the truth is you don’t have to be a rocket scientist, you simply have to be smart.

I am not talking ‘Einstein’ smart. There are a few ‘genius ideas’ from incredibly intelligent people out there, but more often than not, new businesses and business ideas are just existing business concepts reworked. Getting good business ideas are easy. Simply find an existing business concept or business idea and figure out if you could do it better, easier, cheaper or give a new angle to the concept to make it uniquely yours.

Even this idea is not new. Sam Walton, founder of the hugely successful Wal-Mart discount chain, was continually in search of innovative ideas and adopting them, continually evolving store and supply chain operations. His goal was to better improve the customer experience and to drive out system inefficiencies and padded costs, to deliver low prices everyday.

After attending an IBM demonstration, Sam could see how this innovation could impact his business,

Business Innovation

When it comes to increasing business innovation, every company must first look inside their organization and examine what it does effectively and successfully. They must also look at those things which are in need of improvement. This could be within their general business model or within their products and services.

The best way to determine the areas in which a company needs to grow and improve is to compare them to similar companies in the same area of expertise. This also includes companies that are similar in size and that offer the same types of services or products. By comparing a company in need of innovation to other companies, one can quickly begin to see what other businesses do more successfully and begin to learn how they can, in turn, be more innovative to produce better results.

Learning from the successes and downfalls of other companies is by far one of the most simplistic manners in which a company can go about increasing their own business innovation. This method of achievement is one of the easiest and most cost-effective ways in which a company can truly acquire high levels of business success. This should never be

Business Innovation Goes Beyond Fear

Business innovation will always be a hot topic today and 50 years into the future. Staying ahead of the flow and therefore the competition helps organizations and individuals to go beyond surviving to thriving. Over at Blogging Innovation, the author, Mitch Ditkoff, provided 50 ways to foster a culture of innovation.

One recurring theme was the removal of Fear. (Way #2) This is a kindred spirit of the “Status Quo” of the human condition not to change. Part of the reason is within our genetic make up. To change requires energy and our bodies are wired for self preservation. Dedicating energy away from our own internal prime directive (fight or flight) is a conscious and continued action. Additionally automatic pilot makes it far easier to get through some of the more monotonous

Another reason is probably due to our own internal talents such as “Self Esteem,” “Role Awareness,” “Self Confidence,” “Personal Accountability” and “Self Direction.” When these specific talents are not high, then making decision to change, to think differently (decide to do something different) will simply not happen because self doubt expressed through negative self talk now creeps in. Of course most people do not

Start At The Intersection of Customer Needs and Company Capability

If you want to see innovation happening in real time, then you have to look in the private sector and the fast-moving companies that are making it happen in their respective industries. How do you think I know this? You see, before I retired I was a franchisor founder. We created a whole new industry, and we changed the status quo of the way things were done previously. We did this by finding out what the customers needed, what we were capable of, and then determined if we could make a profit solving their problems. When we could, we explained this to the customer and we innovated as needed.

Now then, I would submit to you that business innovation actually starts at the intersection of the customer’s needs and your company’s capability. In this case you are nothing more than a super sales team solving problems in the marketplace using non-conventional wisdom, creativity, and a can-do attitude. In other words, you will find a way to solve their problem, deliver that solution, and do as much innovation as needed to make it all happen.

Let me give you a for instance. Our company was in the

Basics of Business Innovation

For most companies to grow, they must incorporate innovation into their business strategies. And as corporations innovate, they will need to accommodate for the resulting growth. The success of business innovation is seen with how organizations approach it and ultimately how it is managed.

Innovation can result in either phenomenal success or even a less-that-optimal outcome. The key is to be strategic and tactical when approaching and implementing your innovation plan. If your organization has recently embraced innovation into its business strategy and is now experiencing a darkening atmosphere of crisis amongst the employees, negative impacts on company finances and budget, or being led astray from the mission statements of your organization, step back and reassess your situation. How can you develop business strategies and business models that create growth and success with new and improved business value and better working relationships?

Organizational problems? Concerns? Is business just not quite where you would expect? Whether it has been caused by complex mergers and acquisitions or from restructuring and innovation, research will suggest proven techniques that can work for your organization. Every business encounters periods of peaks and periods of struggle. And through each phase, you try

Small Business Innovation

Innovation in business is not a new concept. In fact, this is something that has been discussed openly for more than a hundred years. An example is the work of George Hormel, who in 1891 built a meat processing plant outside of his small town in Minnesota. No one had heard of ham in a can, and this eventually became Spam, a canned meat product that achieved an eighteen percent share during its first year on the market. Hormel believed in developing distinctive products instead of imitating big competitors.

Innovation is an ongoing mindset that allows you to look at the world different, focusing on what could be instead of simply what is. The big idea behind this is that everyone has great potential, and it is the innovators that explore every possible situation to make sure the outcome of that situation has been allowed to develop in a way that will benefit the most people.

Ideas are important, but simply thinking of great ideas will never be enough. Instead, it is the implementation of these ideas that separates leaders in business from those who will simply follow what is already being accomplished. An idea is

Books On Business Innovation

It is amazing just how much the business innovation books of the 80s and 90s with all the buzz words were from today’s business innovation books, all with newly revised buzz words. And don’t get me wrong, I am not knocking anyone, but as a former entrepreneur, I can tell you, I’ve done my share of innovating, invention, and creating to service our customers, clientele, and consumers. It seems everyone is trying to tell us how things have now changes in “The New Paradigm!”

Well, have they, or are we merely being over-hyped by authors, innovation gurus, and creative coaches these days – all trying to keep from being drowned out from the incessant noise of the next new thing! So, what were my favorite books of the 90s on this topic? Well, I did like; “If It Ain’t Broke, Then Break It” as that was certainly a good one, and there are others like this, it’s a business innovation book, it’s not the best but at the time it was.

Then there was “Sacred Cows Make the Best Burgers” also quite good, same era, and yet, I kind of enjoy Guy Kawasaki’s books on such

We Need More Radio Shows Highlighting Small Business

I think by now everyone knows that for our economy to properly recover and to get job growth really cooking again, we need to start focusing on small business. You see, even though corporations when they do hire, hire people by the hundreds, it is the small companies that hire the most number of people. Some might contend that those jobs are not as good as corporate jobs because they may not come with all the benefits, but if you need a job, and the economy is good, a small business will be glad to have you. Okay so let’s talk about this for second shall we?

Now then, exactly how might we do more to help the situation? Indeed, I don’t believe that offering more small business loans or throwing a bone here and there for smaller companies in government contracting is the answer, oh sure that’s nice, but it’s only a drop in the bucker of what we really need to do. You see, that only helps a limited number of companies, and the vast number of smaller firms out there is astronomical. For instance, prior to retirement I was in the car washing industry,

Business Innovation for Profit Maximization

If you are an entrepreneur or small business owner reading this article, you will learn what is business innovation as well as how to use it to increase your profits. Assuming that making profits is one of the major goal of any business, right? Do not think that innovation is more than successful ideas exploitation. Without innovation new ideas in business would never come up. That is why technology grows ever day. Reason being that the people who came up with technology did not just stop there. They have, up to date, continued doing research on new business ideas that will make the current technology better. Of course, you want your business to be better tomorrow than it is today, is it not?

To know what is business innovation, you have to understand that your main goals should not be just bringing perfect services or products in the market. You need to know some tips to use in business innovation.

  • Come up with a statement stating your company’s strategy vision. The strategies you include here should be understandable to every employee as well as stakeholders. Your business vision should not be written and hidden in your

Business Innovation Quasi Purported Experts

It amazes me how many folks are business innovation coaches, consultants, and supposed gurus, many of them have never in their life innovated anything. It’s like where on earth did all these people come from all of a sudden? I’d estimate the number at well over 250,000 people, in the US alone, promoting themselves in this venue. Not long ago, I was contacted by a business innovation coach, offering their services to my company, and also to our think tank which operates online.

And believe me I am all for innovation, so I asked what their credentials were, and they told me they had written two e-books, many articles, and had consulted many clients such as; a few Fortune 500 companies, and many small and medium-size businesses. In fact, they often gave speeches on the topic of innovation, and were working on some CD-ROM videos which they would be selling soon. That’s all well and good, but I was looking for real success stories, and case studies which they were deeply involved with.

In fact, the individual could not produce an example of a patent which came from his innovation skills, or prove that any of

Business Innovation Road Blocks That Stall Business

Many companies fail to identify and develop innovations that could significantly improve the bottom line. I have identified many “road blocks” to innovation – here are several of the most common issues that hold back business innovation.

  1. Lack of Knowledge – Many business leaders lack an understanding of how innovation can improve their business. These individuals often believe that innovation is too expensive or is not appropriate for their company. In truth, innovation can have a positive impact on any business – regardless of size, industry or location. Learning how to implement a system for identifying innovations is a first step to eliminating this road block.
  2. Fear of Change – I also call this the “We have always done it this way” syndrome. This is a common road block in many companies. Employees (including managers and company executives) are afraid to change “the system”. This is especially true when dealing with internal procedures, even though innovative thinking can reduce operating expenses and streamline those procedures. This road block can be overcome by understanding a simple approach to evaluating internal procedures, and seeing examples of simple changes to business procedures that made a dramatic impact on the company.
  3. “What do

Business Innovation Services

In business, innovation means progress. Innovation is everything! There’s never a time you should ignore it because growth in any industry means progress, and growth means a lot of money being available for expansion and success. There is nothing like tapping into progress before everyone else, and that is what any successful business does. Being a pioneer in an industry requires innovation and it’s something that every successful industry giant you might be inspired by has done. Harnessing innovation isn’t easy though, you can’t just flip a switch and come up with new ideas that can make money; at least not all of us can. The best way to start is to consider enlisting the help of business innovation services.

Human resources have always played a significant part in any company’s success. After all, who is going to be moving ideas around? Who is going to be motivating employee’s to meet not only your goals but their own personal goals? Employing exceptional people who can deliver innovations in HR can help your business stay ahead of the curve. Business isn’t just something to throw money and hope that something sticks, but investing in professional business innovation services

Top 3 Reasons Preventing Business Innovation

Deloitte Private has released a new report identifying 3 of reasons business innovation in Australia may be slower then in other economies. The Deloitte report indicates that innovation may be slower in Australia because of lack of corporate and government support, access to capital and a culture that is afraid of risk.

Deloitte partner Josh Tanchel, who coordinated the report named “Startups: Playing it Safe is the Biggest Risk” said that the panelists who took part in the report unanimously agreed about the potential and presence of innovation in Australia, but said Australia needed to get better at commercialization.

Pete Cooper, founder of SydStart, Australias largest tech start-up event; BlueChilli founder Sebastien Eckersley-Maslin, the executive general manager at the Commonwealth Bank Kelly Bayer Rosmarin; Lisa Messenger, publisher of renegade COLLECTIVE and Southern Cross Venture Partners founder Bill Bartee, where the five leaders from Australia’s start-up community that took part in the panel.

Tanchel has been quoted saying “The attitude in the US is that failure is part of the entrepreneurial journey”. He said “Australia’s attitude to risk and failure is a major issue and Australia needs to catch up with this approach”.

Business innovation

Innovative Ideas For Your Small Business

Innovation plays an important role in the growth of a small business. Innovative ideas come naturally but most small business owners have a tough time coming up with innovative changes that will have a positive impact to their business. In this article about innovation for small businesses, I am going to elaborate on 3 ways to get innovative ideas for your small business. With the tips below, I really hope that you can now bring your business to the next level with the power of innovation.

Without further delays, let us look at what I have for you in the list.

Follow Industries with Rapid Change

Although one cannot be totally sure that the most rapid-changing industry is the most innovative industry, I can be almost certain that due to the fast pace, players in such industries push their minds to the max. This is of course to ensure the sustainability of their business as well as the ability to stay in front of the competition. Thus, it is always good to keep an eye on these industries because they come up with new and crazy ideas everyday.

For me, industries that moves faster

Small Business Innovation

I’ve met many business leaders and entrepreneurs that do not understand how to leverage innovation in small businesses. These individuals often believe that business innovation is for large companies that employ scientists and have a large research and development department. However, many small businesses can enjoy significant benefits from a well-designed innovation strategy.

In some cases, small businesses can do a better job at identifying and implementing innovations than a larger company with multiple layers of approval, especially for “innovative” ideas. Smaller companies can often act quickly to take advantage of creative ideas and get those ideas into the market by incorporating them into the company’s product or service. This quick action gives the smaller company a competitive edge when they are “first to market” with a new product or a new feature. I’ve seen countless examples of a small company acting quickly to implement a product innovation while bigger companies try to “catch up” with the smaller company. Even when the bigger companies do catch up, the smaller company has established a strong position by being identified as an innovator.

Although a company is small, they can have a following of “raving fans”. These fans

Business Innovation Solutions

Problems, Problems, Problems – Wouldn’t life be grand if we never had any problems. Everything would work perfectly, everyone would always get along and be happy, everything would be wonderful for everyone everywhere, and things would only get better as we live happily ever after.

Unfortunately, in the real world there is no avoiding the grim realities of the dark side. Viewed from a business perspective – take the number of problems of each person, multiply by the number of employees, multiply the result by every single aspect of doing business, and the final result is what keeps every business owner chewing their fingernails down to the bone.

The most commonly accepted method of solving problems is simply to remove the cause. But this method is not always as simple as it would seem. Determining the true cause of a problem can be a very complicated affair, and even if you get this right – removing the cause can just as easily create a whole new set of problems.

Wouldn’t it be nice if a business could institute policies and procedures were problems would solve themselves and the business would reap tremendous benefits in the