Three Tips For Jumpstarting Business Innovation
Whatever the innovation, the end goal is to drive company growth by coming up with better solutions to specific problems. Here are a few more tips that can help along the way:
1. Invest in your space
Physical space plays a big part in how employees work, think, and feel. The presence of open collaboration areas, comfortable seating, bright colours, whiteboards, and creative art foster collaboration and productivity. Being in a brand-new space, even for a short period of time, can help people think differently and devise new ideas.
2. Work with start-ups
Many times, internal business problems can’t be solved just by wrangling ideas from those who work within the company. In these cases, it is useful to pay attention to outside sources also working on similar problems. Identifying new businesses that are trying to solve these problems is a great opportunity to tap into the agility of upstart businesses. Companies will often look at start-ups working in their industry and choose to build something similar, buy from, or partner with these start-ups to solve their problems.
3. Build market knowledge
Keeping abreast of industry changes informs what problems a business decides to work on. It’s incredibly important for traditional companies to know which new organisations are coming out with products and services that may challenge their market share. It’s also important to be aware of what consumers want, so businesses can quickly respond to those changes with new products.
Business innovation may sometimes feel like a wide-open topic. But there are tried-and-true steps an organisation can take as long as they commit to the idea that innovation is imperative for them to thrive. HQGC partners with businesses to create processes and frameworks that allow them to be innovative and fully ready for future growth.