The same way a company can come to fruition as a result of innovation, it can also fail when it does not innovate. Any business that wants to enjoy great success throughout the years must develop a forward-thinking attitude, or they will risk becoming irrelevant.
To make sure you continue to be an innovative company and establish yourself as an industry leader, find out how to develop a forward-thinking business in 2018 and beyond.
Don’t Be Afraid to Take Risks
Many companies fail to innovate because they are too afraid to take risks due to a fear of failure. If you want to create a forward-thinking business, you must start experimenting with ideas or processes, which could ensure your future growth.
If something doesn’t work, learn from it. If it does work, find ways to improve it. The more risks you take, the greater the chance of gaining an advantage over your competitors.
Understand the Difference Between Innovation and Invention
Many people confuse innovation with invention. While both offer similarities, they should be treated completely different from each other. Invention is making something new, while innovation is generating multiple old and new ideas and turning them into something refreshing or interesting that no-one else has done before. For example, Burger King didn’t invent the cheeseburger, but they created a distinctive flavor that people want to buy again and again.
Find Forward-Thinking Solutions
To become a forward-thinking business, you will need forward-thinking processes. Manual tasks and poor systems will lead to a lack of productivity, poor employee morale, and a smaller revenue.
Push your business into the future by investing in technology solutions that improve connectivity, efficiency, and profitability. For example, Masergy provides a Global Unified Communications as a Service (UCaaS) solution, which allows businesses to unify their communications, so they can connect anywhere in the world on any device.
Allow Customers to Drive Innovation
The customer should be at the heart of your innovation. For this reason, you must generate ideas that reflect your company mission and values, so you never go off-brand or break a promise to a customer, which can lead to a loss of trust and credibility.
Constantly reinvent the wheel by thinking up ideas that make sense to your brand, and disregard those that do not. For example, it would be natural for Apple to release a new line of audio equipment; however, a lot of consumers would be confused about the brand if they suddenly chose to launch garden furniture products.
Give Your Team a Voice
You might believe you’re the brains behind the business, but it is your employees who are helping to run your company. Rather than disregarding their opinions and ideas, you must start listening to them.
As they will have extensive knowledge and experience in the industry, they will be in a perfect position to make recommendations that could help drive your company forward. So, give your staff a forum to submit ideas and encourage them to use their initiative when working on a project.
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