Published on 26/10/2017 by Any Business.Com.Au

Business growth and the importance of innovation

You might be looking to create new products, find new business processes, or just be motivated to keep going.

Whatever you decide, considering ways you can grow your business and create a culture of innovation will help you towards your business goals and find new ways to achieve success.

To get inspiration and find opportunities for your business growth, you could try:

• learning a new skill that can be used to improve your business

• updating your knowledge by attending business or industry related workshops and events

• networking with other business owners or people in your industry to share ideas

• reviewing your business goals and plans to identify opportunities for improvement and researching other businesses to see what has worked for them

In order to start increasing the flow of ideas required to generate innovation in your business, there are a number of basic characteristics which can be addressed.

Developing an internal culture of innovation

Innovation requires strong leadership and a tangible vision across business. The internal culture of a business and the external culture in which it operates will influence the ability of a business to innovate.

Innovation thrives in a culture that is not afraid of risk-taking, promotes the value of experimenting, is adaptable and rewards enterprise. Innovation usually needs to be led from the top management of the business.

Be flexible and open to new ideas

Managers need to adopt a positive attitude and focus on the potential for enhancing competitiveness through innovation. Listen to new ideas and ways of doing business, even if this means you have to change your current business model.

Allocate resources for innovation

The allocation of resources for innovation including finance and personnel is dependent on management understanding the benefits of new ideas.

Unfortunately, business expenditure on innovation is often characterised as expenditure rather than investment, and improvements to operational processes may not be seen as innovation at all.

Resources need to be allocated to innovation, even if it's only giving employees time to come up with new ideas.

A free flow of information and ideas up, down and across the business encourages the development of new ways of performing tasks and can also lead to the development of new products.

Processes which allow employees to suggest improvements and ideas, circulate these ideas and be rewarded for their entrepreneurial behaviour can be implemented.

Invest in Research & Development (R&D)

R&D can be used to enhance the productivity of your business. Grants, tax concessions and other funding programs are available to assist investment in R&D so you can develop your ideas.

Attend events, training and networking opportunities

Attend events, seminars and workshops to build your knowledge of innovation. A culture of continuous learning can be encouraged by supporting training programs and on the job training to enhance innovation skills.

Explore networking and mentoring opportunities. Advisory Services assists businesses to seek out advice from business advisors in all states and territories.

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AnyBusiness.com.au

Curtis is a leading expert in the business-for-sale industry, serving as a senior content creator at anybusiness.com.au.

With a career spanning over fifteen years, Curtis has accumulated extensive knowledge in the domain of business sales, acquisitions, and valuations. His deep understanding of market dynamics and his ability to translate complex industry jargon into accessible insights make him a trusted resource for entrepreneurs and business owners looking to buy or sell businesses.

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