The Innovation Opportunity

Innovation is critical to owner operated businesses. Yet it is easy for owners to say that they don’t have time and space to innovate because they are too busy “running the engine”. But today’s fiercely competitive world demands non-stop innovation.

You must grasp the innovation opportunity with both hands!

Innovate to Survive or Risk Dying Young

There was a time when businesses didn’t need to innovate to survive. However, those days are long gone. Today’s business environment is characterised by constant change, innovation and fierce competition. If you fail to innovate, you put everything at risk!

How to grow your business and create long term success

Every business owner shares an underlying need, the need to innovate to achieve sustained business growth, wealth creation and long-term success. But often businesses don’t understand the process of innovation.

They think it’s something only others do, something for large corporates with deep pockets. As a result, they miss considerable opportunity.

To grow your business, explore our key steps to getting started on your innovation journey

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The Basics of Innovation – Types, Newness and Frequency

Innovation isn’t rocket science, but efficient and effective innovation requires some fundamental knowledge to avoid expensive mistakes.
There are two broad types of business innovation:

  • Internally – its resources and activities, and
  • Externally - the customer value proposition.

Innovation can also be categorised by the degrees of newness and frequency involved. It is important to understand the type and category of innovation you are seeking as they require trade-offs and different management techniques, tools and processes.

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The Three Essential Skills of Business Innovation

To hone innovation into a core business competency, it must become ingrained into the business’ mission, strategy and mode of operation. This requires:

  • Developing and executing a sound innovation strategy.
  • Managing and leading people in a manner that drives motivation and promotes creativity, continuous learning, collaboration and knowledge development.
  • Creating the business processes and procedures (routines) that support creativity and the management of ongoing innovation.
  • Each of these elements must be managed as a whole to get the most out of innovation efforts – excelling at one or two is not enough!

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The Accelerating Pace of Change and Innovation

The traditional concept of sustainable competitive advantage is being eroded by the pace of innovation. In today’s business environment, if you wish to create the wealth, security and lifestyle you seek,

    it’s imperative that you innovate to keep up with our ever-changing business environment. Businesses must be aware of the need for change, have a willingness to innovate and innovate at a pace at least equal to that of their rivals.

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Why Mindset Matters to Business Innovation onto the videos page on our website?

Mindset is the deeply held assumptions and beliefs, both unconscious and conscious, that reflect our interpretation of reality.

  • In broad terms, there are two types of mindset, a growth mindset and a fixed mindset.
  • A growth mindset encourages creativity, innovation and success whilst a fixed mindset discourages and frustrated creativity, innovation and success.
  • Your mindset effects those around you and either inspires resilience, creativity and innovation or it will obstruct it.

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“The Innovation Opportunity” is your complete DIY guide for building ongoing innovation into the fabric of your business and getting what you want from life.

our books

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Book a free 30-minute consultation now on 1300 551 040 or email us for more information.