It’s important to encourage innovation in your small business, but how? Here are some ideas for how you can innovate at your company.
Realize That Innovation Can Be Simple
We tend to think of innovation as a formal and complicated process, but it doesn’t have to be. Innovation is just a fancy word for improvement and invention. For example, when you come up with better packaging, find a supplier who will give you a better rate, or try out a new marketing idea, you are involved in innovation.
Build Innovation Into Your Business Routines
Innovation won’t just happen. You need to dedicate time and effort toward innovative projects. There are a few strategies you can use to ensure you take the time to innovate. You could set aside an hour each week to think and exercise your creativity. On a larger scale, you can build innovation into your business planning by setting goals that focus on improving products and processes. For example, one of your business goals might be to find and try out a new way to communicate with your customers.
Actively Solicit Suggestions for Improvement of Your Small Business’s Processes and Products
You’ll need to use both formal and informal methods to get customers to make suggestions for innovation. For example, you could use questionnaires, surveys, or casual one-on-one conversations. You should also talk to your suppliers and see what suggestions they might have.
Involve Staff in the Innovation Process
Include your staff to draw from a larger talent pool and keep your employees engaged. Here are a few ideas for how to bring your staff into the conversation:
Make problem-solving a part of every staff meetingHave a suggestion boxReward staff for suggestions that are followed through onTalk to staff impromptu—get out of your office and personally visit with staffProvide creativity/innovation workshops for staff
Invest in Innovation
Innovation isn’t free. You’ll need to invest in technology that improves your business operations and make your company more competitive. Information and communications technology are particularly worthwhile. You’ll also need to spend money updating machinery and equipment that will allow you to make productivity improvements. The same goes for new products and services.
Cultivate an Innovation Mindset
Continue to educate yourself about innovation by attending workshops, webinars, and conferences. Keep up with relevant blogs and other media. This will help you stay on top of developments in your industry, including any technological advancements that could improve your efficiency.
Look for Special Programs Designed To Help
Some government programs assist innovative companies. For example, the Canadian government strongly supports Scientific Research and Experimental Development (SR&ED) through the SR&ED tax credit program. Canadian companies can get reimbursed for research and development projects in the form of tax credits. The size of your business doesn’t matter—you only need to ensure that you’re using the money for qualified research and development.
Work Hard
It’s not enough to say that innovation is a priority; you have to actually work at it. Mechanical Engineer and VMAc co-founder Jim Hogan puts it this way; “I’ve developed my own philosophy about innovation. It may sound corny, but you have to think you’re smart and try things. If you don’t, your competitors eventually will. The prize goes to the people with the guts to try”
