Insights

4 Key Tips For Innovation In Your Business


Being innovative in business often means the difference between success and failure.

Businesses need to be regularly reinvigorated by changing either the way things are done, or the products or services offered.

Reinventing yourself in this fast changing world can be a challenging journey; in fact, innovation is much like setting off on a road trip.

So how do you make the journey a lot more comfortable and bearable for everyone?

Here are a few tips to help you navigate the road to innovation:

Get a road map
As with any journey, you need to discuss the plan with your team to ensure everyone is happy with where you are going.

Develop a business plan – short, medium and longer term.

Think of strategic goals that you would like to achieve and work out a path that will enable you to achieve them. Is it reinventing a product or service or perhaps a complete culture change in your organisation?

The plan should note the challenges that are ahead and the measures of your success.

“Stop Revive Survive”
Once you are on the road, this is the key to remember.

We all get so busy in our daily tasks that we don’t stop to revive our tired brains. A solution you are seeking may be just around the corner, but you are too busy and going too fast to see it.

Take some time out with your team and think about what you want to do for and with your business.

Ask for directions
Chances are the roadmap will not be detailed or clear enough and you might get lost.

Seek help from professionals who have led businesses through change, or perhaps an investor who can give the business a new direction and dimension.

Talk to people who have gone through a change or to a professional who can lead you through the complexities of reinventing a business.

Are we there yet?”
There will inevitably be questions and impatience during the journey.

Stick to your plan, keep a close eye on your goals and make sure you don’t steer off the road on your way to business success!
 

Krystyna Adamek is a Senior Executive in the Sydney office of Vantage Performance, one of Australia’s leading turnaround management and profit improvement firms – solving complex problems for businesses experiencing major change.

Related Blogs

Talk directly
with our specialists
Michael Fingland
Andrew Birch VP

Call Michael Fingland Email View Michael Fingland on LinkedIn

Michael Fingland

My philosophy is that there is always a way to solve a crisis, as long as you’re engaged early enough.

Call Andrew Birch Email View Andrew Birch on LinkedIn

Andrew Birch

Cooperative leadership teams that develop prioritised actions to progress towards clear strategic objectives can achieve long-term business viability.