Innovate or Die – It’s not just hype
Some businesses are scared they need to be too ‘creative’ to be innovative, they may find it’s overwhelming or too hard. So why is it so critical? Innovation is not just about new ideas, creative thoughts and new imaginations, it is about staying ahead of the pace of change. It’s about challenging the way things have been done in the past and moving forward.
So what is innovation?
According to Australian Business, innovation generally refers to changing processes or creating more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services and in turn increases the likelihood of your business succeeding. It is all about having an idea and executing that idea. These ideas the address a challenge. When thinking of innovation, you may hear or think about key e.g. change, revolution, transformation, alteration, reorganisation, restructuring, and original.
At The Money Edge, I place great importance on innovation. I am constantly asking myself or the team how we can do something better or different. It’s not about change for the sake of change, it’s about finding ways to improve for the benefit of all. Ask yourself, what new ideas can you come up with in your business to make a process better?
Our focus is not solely internally. We are also constantly looking at how we can help our clients be more innovative. We give them ideas on systems and processes that can help in their business. We share knowledge and guide our clients to be open to the possibilities found through innovation.
To be open to innovation we must be adaptable to change and doing things differently. We must experiment ans see if the new idea will work. By not focusing on innovation, your may find yourself being left behind in today’s ever-changing market. Coming up with innovation is the first step, you need to move towards implementing the change through experimentation and testing. Trail and error is how you will know that your idea has worked. Commit the time to test the ideas otherwise it is a waste of time.
Are you ready to be innovative? Following are a few steps that can start you on the path to be a business of the future.
- Ask your team – Have a brainstorming session and pick a random topic or process. Encourage your team to come up with some crazy ideas and then work with each crazy idea to identify if it will work.
- Ask questions
- Why do you do it this way?
- Why is it like that?
- How could you do it differently?
- Look outside your industry – See how other industries are solving problems with technology. Can this be translated into your own industry?
- Look at your culture – Have a culture that is open to ideas. An environment where staff ca make suggestions without being ridiculed or being told that ‘it have always be done that way’.
- Source innovation grants – The Government often has grant funding available to help business get started with innovation.
- The Entrepreneurs’ Programme, which replaced Commercialisation Australia and the Innovation and Investment Fund in 2014, aims to help businesses increase productivity and competitiveness with funding and access to a national network of private sector advisers and facilitators. Visit their website at https://www.smartcompany.com.au/startupsmart/advice/startupsmart-funding/five-top-government-grants/
- Australian Government GrantConnect site contains all current Grant Opportunities (GOs) open for application. https://www.business.qld.gov.au/running-business/growing-business/becoming-innovative/innovation-grants-support/grants
The Money Edge | Bundaberg