Questions You Should Ask Yourself to Cultivate Innovation in Business

By

Theodore Henderson

The Wisdom Man

When starting a business, there is nothing more important than being able to start up in a fast-paced industry. To survive the dynamic business setting means finding unlimited creativity to innovate. However, what does innovation in business mean?

Innovation, in the business setting, means introducing something new to your market, and being able to improve and develop your systems and processes to keep up with the trends and technology. It doesn’t have to be something as grand as investing in a new software or launching a new product once in a while. Innovation is all about earning the nod of your target market, through constant changes that aim to satisfy their needs or demands.

Let us be honest, running a business can be very challenging, especially penetrating and surviving the market in a long down period. Now, what must you do to achieve innovation in business? Here are some guidelines to stick to, to cultivate innovation in business.

What are the things I need to change in my business set up?

Innovation begins with change. As a business owner, always start with identifying your main areas for improvement and eliminate pain points. Are there certain aspects of your product that needs improvement? Are there pain points in your business processes that you have to change?

Where do I need to start?

The next step to successfully implement change and achieve innovation in business is to find out where to start. Do you overhaul the product, or change a part of it? Do you need to revisit some old functions in your business model, or just alter an individual procedure? Once you have identified the source and extent of the problem, you’ll find it easy to proceed.

Why do I need to introduce a new product or change?

Apart from the ‘what’ and ‘where’ the ‘why’ would solidify and put an explanation all the needs. For you to execute your plan, you need to have a justification on why you need change or innovation. Is it because of weak financial performance or a high customer complaint ratio? Is it because of dynamic competitors or because of new trends on the market?

How do I guarantee the success of execution?

As the saying goes, a goal without a plan is just a wish. Hence, the most important part of innovation is the action plan that goes along with it. To be able to achieve your goals, you need to implement a detailed plan along with step by step guide, timeline, key performance indicators and even point person assigned to every goal.

When can I start and expect results?

Change and improvement don’t happen overnight. However, to be able to keep track of your progress, you need to implement a realistic timeline of when you can achieve little milestones and eventually, grander, quantifiable goals in the end.

With these five key questions, you can quickly identify your business’ areas for improvement, and implement a game plan on how to achieve innovation in business.

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About The Author

Theodore Henderson works with business owners, entrepreneurs, and corporate professionals. He is an Amazon best-selling author, a Certified Career Coach, a Certified Leadership Coach, and a Certified Social Media Security Professional Powered by CompTIA. In addition he is the author of the business program “Launching Your Great Business Idea,” as well as the author of the following books; “The Wisdom Compass for Christians: Your 31-Day Journey to Wisdom-Filled Living”, “9 Simple Strategies to Becoming a Strong Leader” and the Security eBook “30 Smart Ways to Protect Yourself from Cyber Criminals” aimed at owners of Smartphones, Mobile Devices, and also those who have significant online activities including Social Media, financial services, etc. He is available for keynotes, seminars, and workshops. He may be reached through www.TheodoreHenderson.com.