Innovation and creativity has been fuelling most of the businesses today. Every organization is striving for that extra bit of creativity and innovation. Continuous flow of Innovative Business ideas ensure sustainable growth for companies.
In this post, my key focus is on how that idea or the continuous flow of innovation can be maintained. As a researcher and practitioner of creativity and entrepreneurship, I will continue my efforts to decode surefire ways of business growth through regular innovation.
Have you wondered why few businesses are falling behind their competitors?
May be they are falling short of innovative ideas for business.
You may say, what? I have ideas to transform the universe.
Well my friend, you are not alone. To have an idea is a different thing and to work it out is a different thing altogether. We all have an entrepreneur within us.
We are taking of innovative business ideas with a clear action plan here. As an entrepreneur within your own limits, you might be exploding with ideas but can they all reach to the stage of fruition?
I strongly believe that we are all born to be entrepreneurs. It might be showcasing entrepreneurship at work or may it be the new business venture, there is an entrepreneur hidden waiting to explode.
So whether you are a budding entrepreneur or a seasoned business person, here is a quick checklist to go through before you feel good about your fresh and innovative business idea.
- Do you have a huge market to sell your idea?
- Is your innovative business idea backed by a decent team?
- Are you ready to Bootstrap your business till you get funding?
- Is the business model novel to excite consumers and investors?
The changing global market requires creativity and innovative ideas to separate few businesses from the rest. There is no set formula for success. Innovative ideas for business growth are augmented by creativity.
Check out these 3 innovative ideas for business growth and see if you might incorporate them into your business model for a boost in sales. Most of these are common ideas. However, according to my research, a lot of businesses still procrastinate putting these into action.
For budding entrepreneurs- if you are still thinking of an idea and have not started yet, you might still find these strategic actions useful to make sure you don’t fall behind in the race.
More importantly, simple boost up plans are not enough. To make sure the business growth supersedes that of competitor, these plans have to be executed in a more creative way.
So, here is an effort to present a few innovative business ideas for business establishment and growth with extra seasoning of innovation and creativity.
1. Find the next ‘S’ curve of innovation
Innovative business ideas need the full use of your creative imagination faculty in brain. Napoleon Hill has mentioned a lot about this creative imagination in his bestseller book ‘Think and grow rich’.
This creative imagination leads to unusual growth through continuous flow of ideas and innovation.
At times businesses fail to realize that they have missed a crucial innovation window.
They just miss the opportunity while basking in reflected glory.
It is important to look for the new growth curve before the previous one starts to diminish.
It is surprising to know the time a lot of companies spend in decoding the minds of their consumers.
Is it worth to invest time decoding this consumer black box? Or, is it better to concentrate on current business?
Let me try to answer this. We recently heard of the launch of Iphone 6s and the next version is already under the testing mode (The next version is now launched as well). Iphone has moved several generations in a span of few years.
So, is Apple a successful firm? They have been successful because they have continuously managed to find the next ‘S’ curve in time.
They have been best at utilizing the innovation window.
Tesla, Amazon and Marriott are few of the many other firms who have explored and utilized the innovation capital.
They have displayed their creativity to stay ahead of competition. One of my earlier posts elaborates on the success factors of 3 Most innovative companies and strategies that makes them stand out .
Credits- Innovation strategy- Harvard
Not that it is an easy task to innovate at will. What is important is to have the willingness and vision of the same.
There is an interesting article by Entrepreneur.com on Entrepreneurial ideas that changed everything.
There are ways to develop and tap into the innovation capital. I have tried to compile in the list below the most common sources of innovation for businesses.
- Look for emergent strategies from the lower and middle management
- Implement Kaizen or continuous improvement
- Listen to your peers
- Drink Beer to get innovative ideas for business and coffee to execute them- A bit controversial statement which means socialize for ideas and brainstorm over coffee to implement them
- Create a culture of innovation
- Reward those who fail fast
- Foster creative activities and promote excursions for fresh input of ideas
There are other Clues and Ideas to help your innovative business ideas prosper and flourish in cut throat competition. Let’s move to another crucial strategy for business growth.
2. Social media as one of innovative ideas for business growth
Have you realized the potential of the social media marketing concept?
There are multiple platforms to explore in order to promote your business idea and get endorsed. Trust me you need to start from start and you can’t leave social media optimization for later. The medium most common to start are:
- E-mail marketing
Still thinking that you do not need Facebook or Twitter to support your business? Maybe you are like many others who fail to realize the creativity that goes into social media marketing.
If you do not have a social media presence on the Internet, you are missing out on a lot of innovative ideas for your business growth.
Social media is not just for the teens and millennials.
To set the scene, here is an infographic to help your realize the potential of social media. Businesses are wary of the fact that there are a lot of fake user profiles managed by software. However, this is a small tradeoff for such large numbers.
- Twitter as an innovative idea for business growth– Personally, I was not a great supporter of Twitter for regular dose of innovation. I soon found out that legitimate businesses and successful businesses, utilized innovative content to market their products.
Most of the businesses promoted these through Twitter.
A lot of crowd funding projects are happening on Twitter.
Businesses are selling everything from physical products to webinars on Twitter. Twitter Business Pages provide more information on how to use it as one of innovative ideas for business growth.
- Facebook for business growth– Facebook, the brainchild of two innovative college students, has evolved into a multi-million dollar business. It is one of the most innovative and fastest growing businesses globally. Sure, your friends may have personal Facebook pages, but did you know that most businesses have a Facebook page?
If your idea is innovative and you have a strong business plan, start now to build a fan following.
- Create a Facebook Fan Page
- Link through your personal profile
- Select your audience
- Budget your ad campaigns
- Run Facebook ad campaigns for greater visibility and better brand management
- Use Facebook analytics to compare and make improvements in your plan
- Linkedin for innovative ideas to business– Are you utilizing the potential of LinkedIn to draw potential employees into your business? LinkedIn is not just a directory of people looking for jobs.
LinkedIn offers innovation in the field of hiring and recruiting, placing thousands of options at your fingertips.
Additionally, forums specific to your area of business offer innovative ideas for your business through interaction with professionals in your field. The LinkedIn community is a creative group that fosters innovation.
So build up your Company page and get started on promoting your innovative business idea on Linkedin.
- Pinterest– Now, you may still be thinking that Pinterest is definitely of no interest to your business. This is where you need to think about innovation and creativity.
Did you know that you have the opportunity to sell your product on Pinterest? Potential clients seek out your product through special interest boards. All you have to do is get creative and set up boards that relate to the business.
- E-mail marketing– Another great innovation is automated email marketing.
Did you know that there are automated email programs that generate a response to certain actions on your website?
When someone signs up and agrees to receive emails from you, let your creativity shine with automated email programs like Mailchimp, Aweber, sendloop, quickmail and other similar programs.
- Blogs as an innovative tool to interact with customers– Do you have a blog for your website? Many business fail to incorporate a personal feel to their website by dismissing the impact of a regular blog.
Blog is great for your innovative business idea as it is a great way to make your customers feel like they are a part of your business.
Use the below to keep your blog active and lively and see your business grow
- News updates
- Industry updates
- Tips and unique insights into products
- how your office looks have been changing
- Promotional offers and campaigns
There are free platforms for blogging like WordPress.com and Blogger.com. Several hosts like Bluehost.com, Hostgator.com, GoDaddy.com provide economical hosting solutions for even smaller operations.
3. Utilizing Emotional intelligence for overall business growth
It is extremely important to understand the Organization and attach ourselves to the vision or the soul of Organization.
Emotional Quotient encompasses a lot of things that Intelligence Quotient can’t. The world has moved towards Ethics, Corporate Social responsibility and humanitarian activities for reputation and business gains.
The ‘Go Green’ drive and save Environment drive are all forms of attaching ourselves emotionally to the generic global goal.
Organizations are thus understanding the importance of Emotional Intelligence (EI) involuntarily. It is now important for organizations to be emotionally correct and intelligent to be able to connect with the innovators and creators of the firm.
So what are the steps towards being emotionally intelligent at work?
- Empathizing with the workforce
- Social bonding,
- Interpersonal skill development
- Equality and mental connectedness to the culture and vision of firm
- Away days and compassion
- Respect for all
These are few of the steps towards promoting innovation through Emotional Intelligence. One of my earlier post describes how Emotional Intelligence helps in driving innovation in Organizations.
Here is an interesting infographic by Ucreative- EQ over IQ emphasizing on why now employers value EQ over IQ and how is it effecting Organizational growth.
It is for sure one of the innovative ideas for business growth that will help companies sustain themselves in this knowledge economy.
It is not surprising to see the results in early adopters of this concept like Google, Amazon and Facebook.
Emotional Intelligence is going to be the differentiator in future for Organizations. It’s not if you accept it or reject it. It’s about when you accept it.
Try these ideas and see if you notice an increase in your business stature. You may be pleasantly surprised with the results.