Innovation – Living Business Mind Open.
Innovation is business introducing something new. Innovation creates new value and growth for business and customers. New innovation maintains market relevance and extends business model lifecycle. Innovative evolutions. During the 80’s I designed automated nursery transplanting equipment, innovation then labelled Research & Development. Innovation has shaped Business, Industry, Markets and Governments by introducing new value, growth and better mousetraps.
The process of innovation is either incremental and continuous or disruptive.
Incremental innovation is new versions of existing models or products; new model car, new televisions and new mobile apps. Continuous innovation increases business growth, value to customers and enriches business models. Enhanced delivery channels, new operational efficiencies, developing new value propositions are continuous innovation.
Electric-motor innovation replaced power engines replacing steam. Internet innovated information accessibility, use and storage. Apple innovation not invention introduced new value mobile phones, 1000 songs in your pocket and innovated appreciation for lush design.
Disruption innovation the slayer of status quo, kicking open the doors of establishment. Technology, new business systems, services and products that never before existed create new markets and in the process kill off existing markets and industries. Video killed the Radio Stars, websites killed printed yellow pages, Go-cards killed bus tickets, Credit-cards killed cheque-books. Email kills post-offices. Online democratised information and social media pervades and disrupts life, Bitcoin and crowd funding threaten Banking status-quo.
Entrepreneurs dream disruptive innovation. Radical ideas, vision and passion for experimentation, courage to fail and learn, chasing audacious dreams for better value products and liberating markets are disruptive innovative business attitudes.
10 Valuable Innovations.
1. Ask customers Why – why do they buy from you. Innovation is learning new insights.
2. Value proposition – write a mantra that your apprentice, counter-staff, receptionist can promote.
3. Write a new marketing budget-action schedule; and use a program to measure outcomes.
4. Implement finance system ( Xero),customer database (ACT), consider a Bookkeeper if you haven’t already.
5. Implement Invoicing app on smart phone for Tradies and new Startups.
6. Innovate with new complimentary product line – what can you sell that connects to what you already sell.
7. Map out your current Business Model – find innovative opportunity, new efficiencies.
8. Get Niched – get out of the clutter – become expert, or get a new market to shine in.
9. Prove your website and Face-Book generates customers and sales- if they don’t innovate them.
10. If customers aren’t buying; stop, review business model. Write new Plan – doing the same or nothing is destined to fail.
High Value Business Mentoring and Essential Business Advisory Services – Business Enterprise Centre Sunshine Coast