Innovation is best defined as: Something different that creates value.
As I am putting the finishing touches on my action plan for 2018 (see blog entitled Amazing Results) I decided to see how I can tweak my service to offer something more and different that creates value.
Innovation is all about discovering an opportunity that can create additional value to your current target market. If you have completed your value proposition, you have focused on how you are different from similar businesses and why your target market should choose you.
I am not asking you to look at new technologies, but to find a way to incrementally improve existing products and services. In other words, what can you do to make your current products/services even better? Innovation can also be a better communication system with your customers or a better delivery system for your products and services.
I believe that innovation is something that every business owner has to look at. Your competitive advantage today may not be the same tomorrow. I am a strong advocate for setting aside two hours at least once a quarter to focus on innovation.
In this article I stressed making a small change in your current offerings. I selected that because it is something that can be accomplished in a short period of time and can be part of your action plan to start 2018.
The rest of the year your “innovation time” should be spent looking at new technologies that will impact your customers and may require you to change everything. Your products or services that constitute the core of your business today may not constitute the core of your business offerings tomorrow.
One good thing about innovation, it does not have to be expensive, but it does require being vigilant as to customers’ needs and the constant change that is challenging us.
One great way to stay on top of innovation is to make it a topic, at least every two months, at your peer group meetings.
I will devote more time to the formation of peer groups for our BizQuack members. Peer group meetings are not networking meetings, but a discussion platform in which the participants seek and offer help in all phases of business growth to the other members. They will meet at least once a month and, in my opinion, this meeting will become the most important meeting you can have for growing your business.
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