How to inject a dose of innovation into your company

While on the surface it would make sense that the smaller, more agile entrepreneurial companies amongst us would be the more innovative. You would think this would be true. And you also would be wrong. It’s not for a lack of trying or desire. It’s simply that smaller businesses lack the R & D budgets, the staff, and the vision that larger companies can commission. Needless to say, the challenge for small business innovation is to break past the glass ceiling keeping it from innovating, and get into the game! Less than half of small businesses were brought into being as a result of a “new idea,” according to a study by Erik Hurst and Benjamin Wild Pugsley of the University of Chicago. They state that most new business is another “Me-too” venture, offering the already crowded marketplace another grocery, plumber or florist. Little innovation required, and thus little growth.

So what does it take for a small business to go from the ordinary to a business that is leading innovative ideas in their space?

4 Tips for creating a culture of innovation in your business!

• Encourage innovation – Rewarding your employees with tangible incentives for helping to try new and innovative initiatives is an easy way to help launch your company’s venture into innovation. Aim to create a buzz around uncovering new and better ways to conduct  business and improve products and services.
• Know what your market needs and wants – Keep your finger on the pulse of current trends and ideas within your market. Endeavor to not only keep up, but be on the leading edge, which is only doable if you are watching and listening!
• Connect with existing customers – As a way to truly understand what may be a great idea for your customer, you need to talk to them. And even more than that, you need to keep the conversation centered on customer’s problems, and shape your suggestions to provide those solutions!
• Be open to new ideas – Don’t be reluctant to try something totally new. A great demonstration of this in action is Behance.net, a Web-based platform for creative works, where artists can display their work irrespective of their resumes, hoping to turn more ideas into reality.