SHARED FROM ARTICLE BY JOY LEE
NEWS, SMEBIZ, MONDAY 8 JUNE 2015
Innovation is the key to success. But most are often limited by the lack of resources to carry out research and development work. The reality is that innovation doesn’t have to cost much at all. Innovation really is about the mindset more than anything else. It is in thinking differently. You don’t need big resources. It’s about taking small risks.
The best place to start innovating is with the customers. To stay relevant, businesses need to know what their customers want. Find out what the customers really want and not what you think they want. Innovation has to be market-driven and not just for the sake of innovation. The 2 important steps:
1. Identify product or processes that confuse, frustrate and disappoint existing customers
2. Find a solution to that pain point
Innovating may also be as simple as simplifying a process that improves delivery to customers. Be open to reach out to nontraditional customers. This will give them an opportunity for growth and to innovate to be relevant to new clients.
Businesses need to cultivate an innovative culture to ensure that they continue to remain relevant in the market. There is no one-size-fits-all way to build an innovative company. Embracing diversity and failure are good way to start. Failure should be seen as an education. When you have succeed, don’t stay complacent. Keep reinventing.