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Business Innovation on a Shoestring Budget

Alexandria Joy - Friday, May 09, 2014

It's true – innovation is a huge buzzword and we are all aware. Craig Lambert describes it as being "...bandied around a bit like a Miss Universe contestant talking about world peace." While the idea of innovation is tossed around and misused, it doesn't mean businesses can't or shouldn't be innovative, but rather the opposite: businesses need to embrace creativity and exciting new ways to connect with customers.

It is important to know the two relevant types of innovation in order to start thinking outside of the box and reaching your business potential.

The two main types of innovation are:

1. Sustained: Innovation that maintains and evolves established markets.
2. Disruptive: Innovation that creates new markets and fresh values.

How Can Your Business Succeed With Innovation?

In order to be successful as a business, your business must have a clear and focused 'Power House.' Think of your business's house as having four rooms that are the key foundations of a successful business. These four rooms include:

1. Vision – a clear strategy.
2. IQ – a smart intellectual focus.
3. Body – a physical energy and presence.
4. EQ - its interpersonal connections.

These four rooms are critical to building a sustainable, commercially viable company – when they are all working together they provide a strong profit power loop. For example:
• If you have a clear vision and stick to it you should eventually reach your goals. Without clarity of vision of a phone that also played music and allowed you to surf the web, Apple would never have created the iPhone.
• Intellectual focus involve taking small but crucial improvements to your products or services that can win over customers and keep your company fresh. Dyson failed over 5,000 times before he and his vacuum cleaners reached huge success.
• The physical energy that your business creates in visual forms such as branding and marketing is essential to make a positive first impression. If you can win over eyes, you can win over customers.
• Finally without emotional intelligence and having the ability to connected with staff, customers and stakeholders on a personal level you will not enjoy repeat business and good will. You should want to connect to your customers and this is the biggest reason you are being innovative. Serve your customers and find success.

Innovation is About the Big Picture

Once you've got your house in order you can start building upon your solid foundation you can begin to focus on raising your roof to become more and more successful. Your focus is to find ways to improve your product or business practices in such a way that serves your customers and keeps them connected with you as a brand. Innovation isn’t about innovating for the sake of innovation, nor is it about throwing money at the latest trend, gadget or radio advertisement, rather innovating should always be focused on helping your end-customer and servicing their needs and wants. With the foundations in place you then have the clear air space to create some really unique and memorable experiences that will ensure your business is remembered, respected and referred.

Want to know more about how you can create a culture of innovation in your team or business? Contact us to ask about our affordable, fun workshops support@uqpower.com.au


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Comments

Trudy Scott commented on 31-Jul-2014 11:55 AM
This is a big one I really like: "without emotional intelligence and having the ability to connected with staff, customers and stakeholders on a personal level you will not enjoy repeat business and good will"
Mary Ellen Miller commented on 31-Jul-2014 10:36 PM
Heidi, I really like the four tips, particularly #3 about positive energy and first impressions! Also, I agree that #1 is huge because without a clear strategy one languishes.
Mira commented on 02-Aug-2014 08:20 PM
This was great. "find ways to improve your product or business practices in such a way that serves your customers and keeps them connected with you as a brand" especially resonated with me. I have learned that developing my brand is just as important as serving my clients when it comes to growing my business.
Mitch Tublin commented on 04-Aug-2014 12:45 PM
Heidi,
Well done review of the essentials.
Get these right and the business is going
to go well.
Sue Painter commented on 05-Aug-2014 03:04 AM
I think it's helpful to have a 4 part structure that you can share with your prospects. While some businesses know to think of some of these, most businesses don't think of all of them.
Tiffany deSilva commented on 05-Aug-2014 04:50 AM
Great read, Heidi! I agree that innovation is all about serving your clients better.
Heidi commented on 05-Aug-2014 08:50 PM
Thanks for your feedback Tiffany - I agree it is all about being of service and improving with that in mind!
Jessica commented on 07-Aug-2014 07:13 AM
You always do such a great job of breaking things down in a simple way for people to identify and implement. These 4 "rooms" are so important in being of service!

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