Businesses are looking for ways to increase revenue, reduce expenses, and distinguish their products from competitors in the marketplace. Many businesses follow a “me too” approach by simply copying what others are doing in their market. This approach eliminates creativity from the business development process and forces the company to compete solely on price. In an alternative approach, business leaders can use innovation strategies to increase revenue while creating a competitive edge that sets the company apart from the rest of the market.
Here are 10 reasons why you must start developing an innovation plan today:
1. Increase Revenue – A properly executed innovation plan will produce new products as well as new features for existing products. These new products and features can produce more sales to existing customers and attract new customers. The increased sales produce an increase in revenue that drives company growth.
2. Reduce Expenses – An innovation plan can reduce expenses by streamlining internal business procedures, improving the product development process, and simplifying manufacturing operations. For example, when analyzing existing business procedures, be creative by looking for ways to eliminate steps in the process or automate portions of the procedure.Continue reading