It is a common misconception that businesses fail just because “it is inevitable” or because of “bad luck” or “it’s just the current economy”. We have heard of news about certain companies running out of money because competitors emerged and attained their customers, leaving them with no sales and no income. In fact, and this is true in the case for most failed companies, – it is not your competitors’ fault! Because you are the one who controls your company, It is you who establishes your strategy and is in charge of the reins of your business. It is you who will be thinking of ways to innovate your products and services.
Value of Innovation
A number of factors affect the success or otherwise of a business. These include planning and strategy, marketing, sales processes, having great team, being all over the money side of your business and being innovative in your business.
This last item is quite important in making sure that your business keeps its success intact. Innovate, in its simplest definition, is the process of improving and modernising something that is already in commerce. It means finding a better way to present your products and services to give them a twist as well as being innovative in how you do business; perhaps utilisation of technology.
One of the reasons why your competitors succeed in taking over your spot is that they provide something fresh to your customers – or perhaps better. The phrase “for a change” means more than just a simple expression from your buyers. Your customers are continuously seeking for a change, for an alternative taste, for a different experience, or an improved user experience. The products you already have and the services you already provide may be too outdated for your customers. For example, customers may not want to book your services by ringing up; they may want to simply email or book online. This, however, does not mean you need to totally eradicate your products and services. It just means you find ways to adapt to the demands of the changing times.
Example of Innovation
Take Coca-Cola Co., for instance. There was only the traditional Coke back then. As decades went by, the company had to innovate to adapt to the changing lifestyle of its customers. And as we know, the results are Diet Coke, and more recently, Coke Zero. Because of this, its competitors remain unsuccessful in overthrowing Coke from its international throne, but they sure are giving it a red hot go!
In business, there is no such thing as ‘staying still’. If you are not advancing and moving forward, you will be, in fact, sliding backwards and falling behind. Businesses that refuse to innovate, grow, develop, and yes, change, might do ok for a few months, or even years, but certainly not decades. Look at how things have changed with photography going digital, videos becoming all but obsolete, services being offshored and even Uber drivers entering the taxi arena. We need to adapt, evolve, develop and pivot as needed.
When it comes to your business’ industry, be proactive in staying in tune with industry trends, what is happening and what is changing. I’ve had a card for years, which I’ve no idea who said this, but I think it’s incredibly powerful:
3% of people make things happen!
10% of people expect things to happen!
60% of people just watch things happen!
27% of people don’t know what happened!
Which category do you fall into?
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