What is business innovation?
Business innovation can encompass new ideas, processes, products or services to improve the core business and encourage growth.
Types of business innovation
Innovation can take many forms, here’s an overview of some of the different types of innovation in business:
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Finding ways to become more efficient and productive in your business. This could include automating services or restructuring the team.
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Making changes and improvements to an existing product or service, or creating a new one entirely. For example, this could include moving a service online or pivoting an existing product for a new industry.
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Finding new and creative ways to market and sell to your customers. This could include new branding, packaging or prices.
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Improving and innovating the way the business is managed. For example, re-evaluating the leadership team or business strategy.
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Any innovation in which the main goal is to increase profits or revenue. For example, rethinking the pricing strategy.
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Any innovation to improve the core business strategy and business growth process. This could include entering into new partnerships or investing in new technologies.
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Any innovation in which the goal is to adapt the industry or market for your product or to create a new market entirely.
The importance of innovation in business
Exploiting innovation can help your business to grow and scale by attracting investment and giving you the edge in the market.
Benefits include;
- Accelerated growth
- Improved efficiency and productivity
- Competitive advantage in the market
- Greater market share
- Greater opportunities for small businesses
- New opportunities for global market expansion
Advice for innovating in your business
In order to take advantage of innovation for your business, you could consider:
- Strategy – Ensure you start with a robust strategy and business plan
- Competition – Undertake competitor research to understand your place in the market
- Creative thinking – Invest in creative people
- Customer feedback – Feedback can help you develop and innovate your offering
- Expert advice – an innovation and growth specialist can provide bespoke guidance to help you manage and protect innovation in your business