INNOVATION

Step 5 in the FORMIDABLE Business - Innovation

Your business needs to be creative in developing new ideas and improvements for both the business and the outcomes provided to clients.  Competitive advantage can be gained by turning your business into an 'ideas factory' where employees and clients are encouraged to use their creativity by contributing constructive suggestions and ideas.

Innovation is the result of creativity.  An Innovation is simply an idea that has been put  into effect.  It is the practical outcome of creativity.  Many businesses have great creativity, but lack the ability to convert their ideas into practical Innovation.  Innovation is directed to making improvements to your current operations and products.  The second step of Opportunities (discussed earlier) concentrates on identifying possibilities for growth which are external to the business.

Leverage is a key element of Innovation.  Applying leverage is a means of ensuring the business utilises each of the three types of assets in the most effective manner.  (The asset types are knowledge, resources and activities.)  For example, should you outsource or employ staff to complete a task?  Are you using your current assets to produce the highest level of return per unit invested?  Could you share the back office administrative functions with a similar business?

Innovation is a positive form of change that you can implement.  I am always impressed by the creativity of people.  Clients and employees have brilliant ideas on how all the facets of a business can be improved.  But for some reason it is only on rare occasions that we actually tap into this enormous pool of ideas.

Innovation is an action word for an essential task.  Innovation ensures your business remains proactive in meeting and exceeding needs of your clients.  You are sitting on a gold mine of ideas - start digging.

Click here to make your business an 'ideas factory' for working smarter, lowering costs and providing better solutions and service to clients.

Available in 2011 - We will be launching the FORMIDABLE Business Kit - a Guide (PDF), Workbook (PDF) and MP3 audio product that you can download to make your business take full advantage of INNOVATION.