Innovation is critical to business success...to staying ahead of the competition and maintain and grow profitability.
But what is Innovation? It is easy to say, but many people find it hard to do and even harder to maintain.
Companies that once revolutionized and dominated new industries through innovation – for example, Xerox in copiers or Polaroid in instant photography – have seen their profits fall and their dominance vanish as rivals launched improved designs or cut manufacturing costs.
What about products such as vinyl records. This once dominant product for sale of music is now obsolete. With competition initially from 8 track tape, which was quickly replaced by cassette tape...only to be replaced by the compact disc. Now in the digital world we have MP3 players, iPods, online individual song sales and music videos on YouTube or MySpace...more and more competition through Innovation.
Innovation is not only the key to your business's future growth and prosperity, it is the key to it's survival.
So how do you Innovate?
A key ingredient is creativity and invention. Its "thinking outside the square" and as Thomas Edison said in his quote above, "Hell, there are no rules...".
Innovation can be radical (a completely new product or idea) or incremental (ongoing minor improvements). It is possible to simplify the Innovation process by focusing on incremental imrovements which is more practical for most businesses. In this way, incremental Innovation can be applied to a business model, to marketing, to systems and processes, to products, to supply chains or even to financing methods and human resources management.
In times of low unemployment or economic recession, leading businesses are Innovating by finding new and improved ways of doing more with the same or less staff...by necessity.
When it comes to business, simply having the best product or service alone will not achieve success. Incremental improvements will secure the future of the business and may lead to the big one...a radical or breakthrough Innovation.
SMI Business Impact have developed a Business Growth Model that stresses the right Strategy combined with superior Marketing and continuous ongoing Innovation and it is through this approach that you can guaranteed business success.
Our systematic programs of Organizational Innovation may be targeted at a number of areas of your business including:
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Improved quality
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Creation of new markets
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Extension of the product range
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Reduced labour costs
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Improved production processes
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Reduced materials
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Reduced environmental damage
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Replacement of products/services
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Reduced energy consumption
When it comes to business, it is not the best that win, but the ones who have a quality product or service Marketed in a superior way and improved through ongoing Innovation.
Contact us now for more information on how Innovation could have a big Impact on your business growth by ringing us or by making a request via our registration form. |