Why can’t small businesses innovate?

By Chik Quintans | Blogging

Aug 03
READ LATER - DOWNLOAD THIS POST AS PDF >> CLICK HERE <<

It would only stand to reason that a smaller, more agile company should be best positioned to create the most innovative ideas. Well…this isn’t necessarily so. Absent several key ingredients, such as money for R & D, available staff, and a lack of vision that big companies can make happen, small businesses are finding that their challenge lies in learning to innovate in spite of, and sometimes because of these facts. A recent study by Erik Hurst and Benjamin Wild Pugsley of the University of Chicago called “What do Small Businesses Do?” found that fewer than 50 percent of new business startups were born from a “new idea”. Additionally, they found that the majority of new businesses are essentially more of the same, offering one more coffee shop, bakery or tax service to a marketplace stuffed with these services. Very little innovation, greater competition, and little chance at exponential growth.

So just what does it take for a small business to move from the ordinary to a business that is leading innovative ideas in their space? develop a culture of innovation in your business

4 Ways to develop a culture of innovation in your business!

  • Encourage innovation – Rewarding your employees with tangible perks for helping to try new and innovative initiatives is a simple way to help launch your company’s venture into innovation. Aim to create a buzz around uncovering new and better ways to conduct  business and improve products and services.
  • Know what your market needs and wants – Keep your finger on the pulse of current trends and ideas in your market. Attempt to not only keep up, but be on the leading edge, which is only doable if you are watching and listening!
  • Be sure to connect with your existing customers – Listening and taking into serious thought what your customers are saying about not only your business and products, but about what their wish list contains is extremely important in helping to understand a direction you might want to explore. Keep the conversation focused on what are the customer’s problems, and make use of those to help create solutions!
  • Be open to new ideas – Don’t be afraid to try new things. A great example of this in action is Behance.net, a Web-based platform for creative works, where artists can show their work regardless of their resumes, seeking to turn more ideas into reality.

For guidance and professional consulting when it comes to your online reputation, contact us at UnderGround Marketing Society LLC. We can be reached by phone, at 888-296-9052, or email: [email protected]

READ LATER - DOWNLOAD THIS POST AS PDF >> CLICK HERE <<
Follow

About the Author

Chik Quintans is a Digital Marketing Strategist with a passion for helping sales teams and businesses grow. As the owner of UnderGround Marketing Society LLC, creating a strong online brand and building a broad footprint online for sales teams and businesses are he and his company's areas of focus. Whether that be leveraging marketing channels and approaches such as social media, reputation, search engine optimization (SEO), video marketing and more. Chik Quintans can be reached on LinkedIn where you are invited to connect. https://www.linkedin.com/in/chikquintans