In business, innovation is the process of translating an idea/invention into a good/service that satisfies a specific need and thus creates value. So how can you extend your business horizon through innovation?
Pay close attention to your passions, your experiences, what your customers tell you, and what your competitors miss out on, and detect your unique experience, while anticipating the political, economic, socio-cultural, technological, and demographic trends shaping your surroundings.
Consistently innovate in your products, processes, services, technologies, ideas, pricing, and business models, to differentiate yourself in a competitive environment and hence sustain and grow your business.
Look on your teams, suppliers, users, and customers, as engines for innovation, and make the best use of their good knowledge and firsthand experience of existing as well as emerging market needs, to attain business success.
Closely examine the categories of your innovation(s) adopters: innovators, early adopters, early majority, late majority, and laggards, assign the percentage of each, and start with convincing the innovators who are risk-takers, and the early adopters who are opinion leaders, and the rest will ultimately follow!
Understand the value of investing in innovation, which lies in exploring new markets, holding out in the face of competition, enhancing customers’ loyalty, increasing gross margins, and creating wealth.
Seize every opportunity for innovation to anticipate and stay ahead of changes in the market in which your business operates!