An innovation strategy for your business should support your business objectives – including both short-term and long-term goals. Does your innovation strategy have a long-term outlook to identify and develop a steady flow of creative ideas?
Unfortunately, many companies actively identify and develop innovations for a period of time. The flow of creative ideas is often strong when a company is getting started and looking to establish itself with a unique product or service. However, once that first innovation is identified and developed, too many companies stop the innovation process that created the business success in the first place. Sadly, they become “one hit wonders.”
Don’t fall into this trap. To maintain a competitive position in the marketplace, business leaders must encourage new ideas.
Here are a four ways to maintain a steady flow of innovative ideas.
1. Develop A Culture of Innovation – Encourage everyone in your business to identify creative ideas and submit those ideas for evaluation. Make innovation a part of the daily routine for all personnel.
2. Schedule Regular Brainstorming Sessions – These can be individual brainstorming sessions as well as small group sessions. Try different brainstorming formats to see what works best in your business environment.
3. Hold an Innovation Contest – Do something to make innovation fun – a diversion from the “regular job.” Offer prizes, put together innovation teams and schedule innovation activities. You will be surprised at the creative ideas an innovation contest can generate.
4. Celebrate Innovation Success – Throw a party to celebrate successful innovations that strengthen your business. These are fun events and they provide excellent examples to all employees about the importance of new ideas to the growth of the business.
Implement one or more of the techniques mentioned above to continually identify creative ideas that can increase revenue, create a competitive edge in your industry, and reduce business expenses. Choose one of these techniques and get started today.