How a Lack of Innovation Can Cause Business Failure (Guest Contribution from Keith Coppersmith)

The following post comes to us from Keith Coppersmith, an experienced business consultant who serves small businesses and startups.


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Change is inevitable. This statement is true for any business. Some businesses survive longer than others but eventually, they all have to innovate if they want to survive. Innovation was always a part of society; it just used to happen at a much slower pace. In today’s global market, dominated by technology, new ideas are born at a much faster rate. This means that businesses need to come up with new ideas if they want to stay relevant. The smartest entrepreneurs know that if they want to stay ahead they can’t afford to stay in their comfort zone but instead need to constantly be on the alert and keep up with the competition. Here are some of the most important aspects of innovation and how it affects the success of modern businesses.

Staying ahead of the competition

Everyone wants to stay ahead in the never-ending race towards success. New market opportunities are presenting themselves on a daily basis but not everyone is able to see them. Those that do spot them get to reap the rewards. So how can you make sure that you don’t miss out on such opportunities? Is there a way to spot them easier? The answer is in your attitude and approach to innovation.

A business owner who prioritizes a business model that is focused on innovation is more likely to see the potential of new ideas. The truth is that if you are not able to predict future market developments eventually someone will. The competition never sleeps and neither should you. If you are already a leader in your particular market you will be the mine target of every competitor. They will try to copy your model and improve upon it. Your goal should be to come up with the next big thing before someone else does.

Dominating the employer market

Competent employees are the reason for the success of many big businesses. Even businesses that strive to automate a lot of their processes need at least some employees to implement and oversee those processes. Even the best business practices will fail if the people in charge of them are not competent enough to manage them. With all that in mind, a successful business should strive to attract and employ the best people available on the job market.

Truly competent employees have lots of options, this is especially true for the IT market where skilled workers are hard to find. Innovation is a good way to attract these kinds of employees and get them to work for you rather than your competitors. Highly skilled people like to be challenged and are more likely to choose your company if you offer them the chance to work on innovative new projects. People that already work for you are also more likely to stay if they get to implement new ideas instead of doing the same tasks over and over again. Innovative new HR practices are another way to keep people motivated and interested in working for you. Simply put the more innovative your company culture the easier it will be to find motivated and highly skilled employees.

The internet of things

The internet has completely changed the way we live our lives. It’s has become so much more than just a world wide web that connects people. The internet is connected to a lot of our tools and has completely changed the way we use devices like TVs or even refrigerators. This change has been possible due to innovative new technologies like high-quality internet fiber connections. It’s no surprise then that the internet is the driving factor behind innovation and the prime example of the power of new ideas. Because of the way we are connected great ideas spread much faster. It’s not enough to just have a good idea, it really needs to be something innovative or it will quickly get overshadowed by something better.

Because of the internet, your idea isn’t just competing in your local market, most of the time it’s competing against all the other similar ideas on a global scale. This might sound like a grim, but competent entrepreneurs should view this as an opportunity. Bad ideas will fail much faster but because of that good ideas rise faster as well. Companies that are focused on innovation will have huge success in this kind of market. And every business owner that makes innovation a top priority will appreciate all the new possibilities that the internet offers.

Remember all the huge companies that used to be the market leaders in their specific areas but then got swept over by the competition. Even if they had all the available resources and potential to stay ahead they were not able to adapt fast enough and keep up with competitors that implemented new ideas. Long-lasting success is only possible through calculated change driven by innovation.

rsz_keithkAbout the Author: Keith Coppersmith is an Adelaide based business consultant with a degree in Media Management. With experience in numerous small businesses and startups, he enjoys giving advice on all things marketing.

 

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