In this post, I will talk about why you should include innovation in your business and why those that do not include it do not prosper in this highly competitive world market. This is a topic that is too discussed and very fashionable for some years now, and all due to the need to create businesses that are more competitive in a market that is increasingly saturated with options for consumers.
The topic of innovation is increasingly desired and today most startups want to address it and include it within their production process scheme, since the businesses that adopt it have an abysmal advantage over businesses that do not. they have in their sights or they do not implement it.
And globalization has been the starting point. It is an obligation to use different tools that help to offer better products and services, given current needs, in order to position itself strongly in the market and thus achieve better economic, social, technological benefits, etc.
But globalization does not only concern companies that export their products to other parts of the world. Globalization has been forging a character in today’s consumers and has made them, in general, more demanding with what they are acquiring at increasingly competitive prices, so to any business, sell what you sell and the size you want. It is your concern to adopt practices that aim to fully satisfy your target market.
But there is a problem, and it is that most people who want to start a business or who are just starting out believe that this topic of innovation is only for large companies with a powerful financial muscle. But I’m glad I can tell you right now that it isn’t. You as a small businessman have the possibility of adopting these practices, and it is best to do so as soon as possible. It’s a matter of you being a little more creative. Many times it is enough with a small change in the design or in the way of presenting a product.
As I said, innovating does not always mean investing large sums of money or hiring the best experts on the subject (although it is sometimes required). You can innovate, for example, from excellent leadership that stimulates the creativity of employees without falling into the trap of thinking that failure is the worst enemy. You have to have tolerance for failure and risk, and encourage it, since this is how we learn. It is necessary to lose the fear of failure, otherwise, it is impossible to do something different.
Innovation affects absolutely all areas of the company (design, development, communication, marketing, internationalization, human resources, and the management itself) and to go in the right direction, a change in any of them is enough to guide the business forward. technology and today’s competitive world.
You as an entrepreneur can innovate in different ways, either according to the degree of innovation, its nature, or its applications.
Degree Of Innovation
Depending on the degree of innovation, you can choose to make small changes aimed at increasing the functionality and performance of the product without modifying its essence (incremental innovation) or you can also choose to generate a break in what is already established, such as the launch of new products (radical innovation).
Nature Of The Innovation
Depending on the nature of the innovation, you can use the technology you already have to generate a change in the company (technological innovation), play with the marketing variables that influence the launch of a new product (commercial innovation), or introduce internal changes that make it possible greater access to knowledge and better use of the material and financial resources of your business (organizational innovation).
Application Of The Innovation
Depending on the application of the innovation, you can start by improving a product and endow it with certain characteristics that it did not have (product innovation) or simply restructure the processes within your company, using new technologies or improving the one you already have in order to increase the value of the final product (process innovation).
In short, there are many ways to put innovation in our favor and this generally occurs by mixing the different ways of innovating. There is no single formula.
Even in an empanadas business, you can implement innovation to minimize your costs and offer your customers the best service and the best product, because I imagine that what you want the most is for them to be happy with what you are offering them. So I invite you to put it into practice from now on.
Many times it is enough to be more creative to try to stay one step ahead of the competition. Even by identifying the areas that require more attention, you can establish strategic alliances with other companies in order to achieve business objectives and generate value for both the client and the business.
So, get to work and I guarantee that you will see different results, going one step ahead of your competition.