Two Easy Ways Innovation Will Make Your Business Competitive
I am curious what “being innovative” means to you.
The definition of innovation, according to Webster’s Dictionary, is “the act or process of introducing new ideas, devices or methods.” According to Businessdictionary.com, “in business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the consumers.”
Each of these definitions can be applied to you and your business on two fronts.
#1: Innovation: Service Through Differentiation
What are you, in your business role as a consultant, for example, doing to introduce a new idea or a new way of doing what you do? Is there anything new that can be done? Have you thought about that?
If you are offering the very same way of doing things or approaching problem-solving as every other consultant in your space, you have no point of differentiation. Consequently, there is no reason to choose you over the other available resources in your field.
That is not a sustainable long-term position for your consultancy.
#2: Innovation: Shifting to Evolving Needs
What new product or service are you offering to satisfy the needs and expectations of your clients? Time marches on, situations change, and the business environment shifts, impacting what clients may want and need from you. Are you resilient when it comes to moving from one type of service offering to another? Are you always thinking about what the next product or service offering might be? Do you see continuing education opportunities to stay relevant in your marketplace?
In both of these areas, you can be innovative, and discover new ways to serve your client. These offerings also create opportunities to differentiate you from your competition and create disruption in your industry. (Do you need some help getting outside your comfort zone? Read more here!)
Keeping that in mind, I will ask you again:
What is innovative about you and the way that you do business?
Hopefully, you can now begin to answer that question. Do you need someone to bounce those ideas off of? That’s what I’m here for.