We live in a fast-paced, instant gratification global society that adores big. The next big thing. The big innovation. The approach of big innovation isn't ideal for small business. Small innovations are the best growth strategy for your business. Discover the 7 principles of small innovations.
Forget Big Think Small
Big business is vastly different from small business. The big company CEO has the knowledge of how the business works to put the innovation in context but lacks the time with customers and outside information required for innovation. As a small business owner, you have the innovation edge, spending up to 80% of your time at the innovation point meeting customers.
7 Principles of Small Innovations
1. Free Time: Time is a necessary resource for innovation. You don't need a 25-hour day to solve your time resource problem. It's simply a matter of clearing your business from the clutter of old time consuming practices, outdated technology, time wasting habits, and using outsourcing.
2. Collect Ideas: Innovative ideas can occur at any place or anytime. The best way to grab the small innovative ideas is not to discover them and think about it later. It's too easy to forget or quickly rationalize that it's too simple. Just carry around a small pocket notebook, a tape recorder, or a few sticky notes.
3. Look Outside: No matter how good an innovation is use not only the knowledge and skills within your business but outside resources to succeed including capital, joint ventures, strategic alliances, and strong relationships with suppliers.
4. Be Customer Centric: While applying innovation to your business, it's easy to see the advantages from your perspective while missing the customers' view. Big companies are notorious for innovating on the inside with innovations such as self-serve to time stressed customers. If the innovation makes you feel uncomfortable but delights the customer, you are probably on the right track.
