On last week’s live stream, Karen Conrad taught on the Blue Ocean Strategy, and we touched on innovation. One of the best strategies for business growth is to continually innovate. Think about it: Apple constantly updates its software, and they come out with new iPhones and products every year. Amazon had almost none of the services they have today when they first started, but they continued innovating. They moved into the streaming market and now that’s a large portion of their profits. If you want your company to grow, you need to innovate.
How Innovation Leads to Business Growth
Brainstorm
Some of the best ideas come out of a brainstorming session, right? But, it’s all about who you surround yourself with. You want to include people who know the details and the vision behind your organization. You don’t want naysayers, either. Constructive feedback is good, but if you know someone is going to shut down every big idea because they don’t believe it can happen, then leave them out of the brainstorm session.
Often, brainstorming happens organically. I encourage you to schedule some time to think creatively with select people, but don’t be afraid to send them ideas as they come as well. Collaboration often helps refine and improve our original ideas.
Market Evaluation
In the introductory paragraph, I gave you an example of Amazon moving into the streaming space. Now, that is a heavily dominated market because of Netflix, and now Hulu. However, they saw a way to leverage their customers and their platform into an area that is very popular right now. Innovation doesn’t always mean coming up with something completely new.
I encourage you to evaluate the market and see what areas your company may be able to jump into. The safest bet is to find an area of the market that hasn’t been popularized yet. You can establish your company as an expert in that area. With that said, it’s possible to jump into a saturated market and be successful as well, just as Amazon did,
Reflection
You all know that God is the most important foundation of my business. Often, He will give me next steps or big ideas during prayer. Ultimately, Becky and I let Him guide where we go and what we do. I encourage you to get quiet and reflect on your business. Listen to God and what He has to say. If you don’t journal, then you need to start! Writing things down will help you remember ideas and possible ways to innovate in your business.
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