Innovate - Chapter 1

Chapter 1 - 4 Concrete benefits innovation can bring to your company

Why is innovation important?

Innovation is about shaping change—to improve your ability to compete, set your business apart in the marketplace and force competitors to react to you.

Whether it’s small improvements that increase efficiency, an exciting new product or a major overhaul that steps up your productivity, innovation can help you take your company to the next level. Draw on your team’s full potential and find new ways to enhance processes, procedures and product development. Seize the opportunity to be an innovator and drive your company’s growth.

Here are 4 concrete benefits innovation can bring to your company.

1. Improve sales and customer relationships

Failing to improve your products and services can put you at risk of losing customers to more innovative competitors.

If you invest time and money in innovation, customers will notice and appreciate the extra value you’re bringing them. That should translate into more sales.

2. Reduce waste and costs

Innovation can help you reduce waste in your business and leave you better positioned to focus on the long-term goals, rather than always putting out fires.

3. Boost your market position

Innovation can help you anticipate market changes more quickly and get ahead of opportunities, so you aren’t forced to react to shifts. It can also help you differentiate yourself from the competition.

4. Improve employee relations

An innovative workplace is stimulating for employees. Cultivating pride in your products and a desire for your company to be an industry leader should reduce workplace turnover and boost productivity.

That can, in turn, lead to still more innovation success because employees are often a company’s best source of ideas.

Be sure to listen to them. Ask for their feedback on innovation in all areas of your business, including how to improve products, marketing and efficiency. They can give invaluable insights into ways to innovate, and they will appreciate having your ear.