FEATURE


ENTERPRISE & INNOVATION


How to generate


new ideas


The successful implementation of new ideas is crucial to helping a business retain its competitive edge. But how can a business adopt a culture of innovation?


WHY INNOVATE? Innovation is vital for any business. It can help keep a company at the forefront of new developments and technology, which in turn can help it stay ahead of its competition, exploit new markets and improve its profitability. It can also create opportunities for greater efficiency,


establish new partnerships and produce a more engaged and productive workforce. Innovation can mean a standalone breakthrough – a totally new product or service, for example – or a series of smaller changes.


START WITH YOUR CUSTOMERS Don’t innovate for innovation’s sake – you can waste a lot of time and money developing a service that your customers don’t want or need. A great starting point is to find out exactly what your


customers like about your product or service, and what can be improved. Are there any gaps in their lives that your service could fill? Could your product be cheaper, or easier to use? Conduct customer surveys and market research to


generate constructive criticism and get an insight on what they want.


GET EVERYONE INVOLVED You may think that to be innovative, you need to assemble a top team of creatives, or that it should be left in the hands of the board or upper management. However, you shouldn’t limit your opportunities to be innovative before you’ve even begun.


‘Create a collaborative environment where your employees feel free to express their ideas without criticism’


Bringing different departments together can spark


conversation which, in turn, can lead to creativity as your staff mix with people they might not usually interact with. You may find that some of them have been waiting for


an opportunity to have their ideas heard, or that a change of scenery can trigger new ways of thinking. Reward innovative ideas, as incentives can help encourage staff to think more creatively.


FIGURE OUT IF TECHNOLOGY IS FOR YOU New technology can present incredible opportunities for businesses looking to innovate. Embracing technology can be as simple as moving paper-based systems to the Cloud and selling your product online, or as technical as adopting cutting-edge tools such as artificial intelligence or virtual/augmented reality. However, consider the fact that you don’t necessarily


have to invest in the latest tech to be innovative. Coming up with a better way to streamline your


operations or generate new sales is just as innovative, and can be just as dramatic on your bottom line as developing world-changing technology can.


DON’T BE AFRAID OF FAILURE Adopting a culture of innovation requires businesses to be open to experimentation. But, businesses must also acknowledge that not every experiment will prove to be fruitful. Don’t let the fear of failure put you off however – even


the most successful companies have made mistakes or had projects fail. It is important to learn from your mistakes and use that knowledge to refine your ideas. You must encourage risk-taking and experimentation


among your staff too. Create a collaborative environment where your employees feel free to express their ideas without criticism, and don’t penalise those who try new ideas and fail.


64 business network October 2019


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