Innovation Is Your Business’s Ticket to Substantial Growth

Small businesses face unique challenges. Growing your business can be one of the most daunting tasks you face as an entrepreneur. But there are plenty of ways to grow your small business without a lot of resources. Here are a few innovative ways to grow your small to midsize business.

Thrust Your Organization in New Directions

Innovation is often a reactive process. New technologies and products are often pushed out to the market before organizations have time to adapt. If your organization isn’t proactive about its innovation strategy, you may end up playing catch-up to your competitors and vendors.

By thrusting your organization in new directions, Harvard Business School notes that you can refocus your organization’s innovation energy in desired directions. Shifting your innovation strategy from reactive to proactive has been shown to be an effective way to boost innovation. One way to accomplish this is in your training programs. For instance, creating quick at-a-glance guides for your team members to help them visually see new internal process improvements is possible with infographics, which clearly explain processes to staff. You can get started with an infographic template. Once you choose a template, you can personalize it by adding your own text, colors, background, and design elements.

Lean into Digital Technology

One of the most effective ways to compete in your sector is to use digital technology. Some examples of using digital tech to grow your small to midsize business include:

  • Cloud computing
  • Mobile apps for customers
  • Digital marketing campaigns
  • Allowing employees to work remotely

With the big picture in mind, big data analysis is key in enabling you to improve your business’s operations. With it, you’ll learn new ways to become more efficient. And efficiency will lead to increased productivity. Prioritize optimizing processes so employees have confidence in the systems they use and no longer need to perform redundant or repetitive tasks.

A proven way to do this is with process mining, which uses data to discover, validate, and improve workflows that benefit your entire business. Process mining also involves mapping and optimization of process flows. Not only can you improve efficiency and employee satisfaction, but process mining can also help you increase sales, manage risk, and help you find hidden opportunities.

Also, ensure that you stay productive as a whole by investing in time-management tools. They will help you stay on track by making the most of your time.

A word of caution about investing in digital technology of any kind: You first need to make sure that you have a pipeline for support if and when problems with your investment arise. It’s going to happen sooner or later, and you need to ensure that either your support department or the product manufacturer’s support department can help you. Check this first before committing to buying.

Network like a Pro

Network like a pro. Don’t just attend networking events. Take notes. Observe the networking styles of the people you meet. Be ready to put your new networking skills to the test on the first day you attend networking events as a member of Team Small Business.

Don’t be afraid to ask good questions and to listen carefully to the answers you receive.

It’s OK to ask other people who they know and what business they are in. Networking is not akin to a contest where the person with the most friends wins, and the person with the least friends loses.

Instead, Corporate Finance Institute explains that networking is about establishing relationships with like-minded people so that you can learn from and assist each other as the situations in your business require.

Offer Your Company as a Service

Offer your company as a service. One of the best ways to grow your business is to offer your services to other businesses. People want to work with people they know. They want to hire people they know as opposed to people they don’t know.

Offer to help other businesses with their needs. One of the most effective ways to grow your business is to find a way to help other businesses grow as well.

People are willing to pay for services that help them grow. What are you willing to do for other people? Offer your company as a service to other business owners in your area as a way to innovate and offer something different.

Now that you have these tips and strategies – including a “different direction” mindset, the latest digital tech, process mining, and a renewed push for networking – in your toolkit, you can be confident of a bright future for your business. Growth is just around the corner!

About the author

Carla Lopez - editor of boomerbiz.org


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