Creativity And Innovation – The Keys To Success!

Creativity And Innovation – The Keys To Success!

Creativity and innovation are fundamental to long-term growth and success! Success requires that you not only create sufficient value for your customers, but critically, that you capture enough of that value for yourself! This involves identifying opportunities, diagnosing problems and developing and realising valuable commercial solutions. Central to this process are two closely related activities of creativity and innovation. Together, creativity and innovation form the bedrock of entrepreneurship. They are the keys to your income and wealth! While creating and sustaining a successful business requires more than creativity and innovation alone, it does not exist without these two related but central factors. Connecting creativity and innovation

Defining creativity

Creativity is the cognitive activity that results in novel or unconventional ideas that have not previously been known or used. It is the process through which new and useful ideas are generated. Creativity is the key ‘raw material’ used in the process of innovation – the generation of the initial ideas that ignite the innovation process! The many ideas needed to overcome the barriers faced in commercialising them!

Defining innovation

In contrast, innovation is the application of new ideas in the process of creating new value. While innovation is dependent upon creativity and the ideas that flow from it, innovation is not simply a matter of having new and creative ideas.  Those ideas must be valuable, commercially viable and implemented to result in new value. Innovation is about understanding and managing the process of creativity – then marshalling the resources and capabilities needed to transform the ideas, into commercial reality.

Creativity and innovation – connecting the dots

Creativity and innovation are inextricably linked.  They are the core components of the entrepreneurial process. They are key to the growth of both your income and wealth. They are highly interactive and interdependent activities that lie at the heart of the value creation process and your ability to capture a share of this value. They are also intimately linked to the learning process, knowledge accumulation and the competency development, needed to commercialise ideas capable of sustaining your competitive advantage.

Key points for business owners

Given the significance of creativity and innovation to the realisation of an entrepreneur’s dreams and aspirations, both activities must be proactively managed.  They should not be left to chance or mere wishful thinking, if you want to secure your future. Managing and developing personal and organisational creativity and innovation capability, involves:
  • Managing mindsets and dispensing with the key misconceptions surrounding creativity and innovation
  • Building creativity, competency and knowledge
  • Establishing and nurturing an environment that supports creativity and maximises intrinsic motivation
  • Building innovation management systems capable of transitioning creative ideas into commercial outcomes

Are you ready to connect creativity and innovation?

Creativity is the source of the idea stream that flows into innovation and the value creation needed to create and sustain your income and wealth! It is not about the single breakthrough idea, but creating an environment where creativity can flourish and ideas are systematically marshalled through the process of innovation. Without the appropriate environment to encourage new, novel ideas and the process to commercialise them, your business will be left behind.  Competitors with more aggressive growth aspirations will erode your competitive advantage jeopardising your future income and wealth. If you want to ensure that you do not lose the competitive race, build creativity and choose to innovate! If you would like to learn how your business can grow and thrive through creativity and innovation – give the team at Fortitude Business Consulting a call on 1300 551 040.
About the Author

Grant Ferry

With over 20 years experience in advising business owners, I passionately believe small to medium size business are the engine room of the economy and that ongoing innovation is the fuel that powers their growth and their owner’s long-term success.

Through a wide range of practical experience, I understand that Business Strategy and Business Innovation are critical elements for sustained business success.

The right Business Strategy is needed for the business to realise the owner’s goals and dreams. Ongoing Business Innovation is needed to not only survive in an increasingly competitive and global market but to also drive sustained business growth and success over time.

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    "I have come to know Grant recently and have engaged his services to assist in the operations and structure of Books In Shape. His knowledge, expertise and wisdom exceeded my expectations on each occasion he has consulted with us. Every time we met to discuss various aspects of our business, he was punctual, reliable and went out of his way to provide a service with a high level of excellence. I highly recommend Grant as a man who not only has a wealth of knowledge, but as one who is able to astutely apply it to the situations faced in business. We have benefitted greatly as a business as a result of his input."

    ~ Keith Berry – Managing Director, Books In Shape Pty Ltd
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    "Grant has helped me manage a wide range of business challenges.  His unrelenting pursuit of positive outcomes has helped me achieve my goals, both personal and business. He is truly committed to my success."

    ~ Brett Pickering – Managing Director, Fruit Master
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    "Grant dedicatedly works as a true business partner in a way that we find both very refreshing and rewarding in today’s business environment.  He has been pivotal to the effective management of our business and attending to many pivotal commercial issues and transactions.  No matter what the situation at hand, Grant always has something valuable to bring to the table."

    ~ Col Beasley – Managing Director, Thurla Farms
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    "For over 15 years, Grant has provided me with expert financial and commercial advice and support that has translated into significant value.  He has been invaluable in taking a lead role in developing and implementing strategies that enhance my business’s performance and my personal wealth and security."

    ~ Frank Tierney – Managing Director, Tierney Property Group
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    "We have been working with Grant for more than 20 years and have relied on his expertise during the acquisition, growth and sale of a range of business ventures through this time.  He has a sound appreciation for our personal goals and provides us with the high-level business advice and support we need to make the most of our opportunities.  His breadth and depth of knowledge, negotiation skills and in particular his ability to bring new ideas to our businesses, have been a significant asset that continues to play a pivotal role in growing and protecting our business and realising our long-term dreams."

    ~ John O’Connor – Managing Director, Sharps Australia
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    "We had no idea that we were steering a rudderless ship until we spoke with Grant. Through revision, vision and the ownership that Grant has applied, our business has found a new and exciting direction.  Our goals for growth are now in view and we feel confident and excited about our future."

    ~ Shaun Halit – Managing Director, Rural Fence & Trade
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    "I have known Grant for many years, and have worked collaboratively with him to assist his clients with their legal and taxation needs.  During this time, I have been extremely impressed by Grant’s comprehensive understanding of his client’s businesses and the care and concern he shows for addressing his client’s issues. Grant is a very proactive adviser, thinking two or three steps ahead and addressing issues before they become a problem. I have seen first-hand on numerous occasions how Grant’s skills and deep understanding of how businesses operate have led to genuinely innovative solutions. As a legal adviser, it is a great help working with an adviser who has such a comprehensive knowledge of what the client is looking to achieve, and can add his own experience and lateral thinking to help resolve legal issues. Above all Grant takes genuine care of his client’s, treating the needs of their business as if it were his own. No stone is left unturned if it can lead to an improvement in the business, or could become a problem in the future. I would recommend Grant to any small to medium business owner who is looking to improve the way the business operates, needs help to address something holding the business back, or wants a knowledgeable and trusted adviser to help guide them."

    ~ John Storey – Managing Director, Velocity Legal
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    "Grant has been a great asset to The 500 Group providing business advisory and strategic planning services. Grant’s expertise and advice helped navigate The 500 Group through complex commercial and legal issues and assisted enormously in the growth of the business. We are grateful for his support and professionalism and would recommend Grant to anyone who is looking to maximise the value of their business"

    ~ Greg Pierlot – Managing Director, The 500 Group Pty Ltd

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