Innovation: The Gift That Keeps On Giving

One of the most common questions I receive from businesses is: How can I plan my business to receive consistent revenue growth each and every year and eliminate those drastic swings in my income? My answer is simple: innovate.

Innovation is the gift that keeps on giving. Innovation can make a difference in your business between 10% and 20% growth each year. A consistent pipeline of innovation can create vitality and growth. This differentiates you from your competition, enabling you to create a competitive advantage. Innovation is putting a stake in the ground - you are choosing to be relevant, at the forefront of creativity and newness.

Reducing an item’s complexity, making a product more productive, and making a product operate faster are all components of innovation. Do the benefits of innovation outweigh the costs? If so, people will be willing to pay for it.

Innovations come in many types and forms. You can take multiple options and create something genuinely differentiated for your business. Collaborating with others can be a part of creating an innovative product or service. Have you considered innovating your customer service process? This can pay off in significant gains for your business with a cycle of success.

Have you considered making your offerings available through new channels or creating new products? Maybe your innovation saves time or meets a crucial need. Your innovation can eliminate multiple products. Regardless of the innovation, you’ve created value, and this value strengthens your client relationship with your brand.

Building an innovation pipeline into your strategy is power. When is the last time you innovated some aspect of your business? Create an innovation that is right for you and build a consistent pipeline. If you were to integrate innovation into your business planning, what would be the payout? What would you be able to accomplish? What could you invest in that would make your business run smoothly?

Now, determine two to three types of innovation that could accelerate your business growth. What opportunities can give you the highest income or growth? Make a list of these ideas and prioritize based on impact. Plan your innovation strategy for the next 12 months. Then, launch and leverage!

In This Episode:

• [01:24] Innovation is the act or process of producing something new.
• [01:57] Innovation can also be enhancing something that already exists.
• [02:15] My real-life innovation example.
• [04:05] Innovation can articulate an unexpected need that is on the horizon.
• [04:50] Innovation comes in many types and forms.
• [05:19] Examples of ways you can innovate your business.
• [07:30] Think about innovating your customer service and the clients you already have in your business. 
• [09:45] Make your offerings available through new vehicles and distribution channels.
• [10:33] Create new products.
• [11:25] Other ways to innovate such as saving time or meeting a crucial need.
• [12:20] Building an innovation pipeline into your strategy.
• [13:38] Create the innovation that is right for you and build a consistent pipeline.
• [14:09] Your innovation challenge.
• [15:20] What could you do with the income from your innovation?
• [17:02] Two factors you want to consider when deciding the type of innovation you want to pursue.
• [18:34] Launch and leverage. Keep your innovation in the forefront of what you do for the next 12 months.
• [21:18] Long term benefits of innovation.

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