Would you consider yourself an ‘innovative’ company?
I was chatting recently with one of our Business Blueprint clients, Patrick, and innovation came up in conversation. He asked me:
“When is the right time and the wrong time to innovate in business?”
This is an interesting thing to ask because innovation itself is an interesting topic. Now, people say that too much of a good thing can be bad. And this is certainly the case for innovation. However, not enough innovation can potentially be deadly.
What Does It Mean to Innovate?
Let’s go back to the definition of what innovation means. According to Merriam-Webster, innovation is:
The introduction of something new or
A new idea, method, or device: novelty
You might confuse innovation with invention but they are each completely different things. Invention means the creation of something that has never existed before. Innovation, on the other hand, is an upgrade or change made to an existing product, idea or field.
An example of innovation is when you tweak an old system to adapt to changes. Or perhaps to improve a process when you find a better way of doing things. Another example is when you pivot your business model to another type when the current one is not working as well as you thought it would.
Now that we’ve defined innovation, the question now is, how do we go about embracing innovation? When should we innovate and when should we avoid innovation?
Picture a pendulum in your mind with 2 sides: no innovation and too much innovation.
On one side is where you’ll be if you just stick to “business as usual” and keep doing what you have always done. The problem with this is that you’re going to get bored as an entrepreneur. Adding to that problem is that your staff are going to get bored as well. When this happens, there’ll be high turnover of staff, low productivity and definitely not the business growth that I’m sure you desire.
Another issue that you’ll deal with is that you’ll be inviting other competitors to enter your space because you’re not doing anything new or different. It’s not just you or your staff that can get bored. Your customers can get bored, too.
This is where innovation comes in.
Too Much Innovation
When you decide to embrace innovation, the other challenge you will face is that there might too much innovation. When this happens you can feel out of control, like you’re always working but never really getting to that point where you can just rest. As a result, you get burnt out.
It’s important to be aware of the fine line that you have to walk every single day. You have to strike a balance between making sure you don’t get stale and also making sure that you don’t innovate too much. Once there’s an imbalance, you end up getting exhausted.
So, as long as you’re sticking in between these two zones then you’re on your way to business success. Know where you are right now and take appropriate action.
Looking to Innovate Your Business?
If you’re on the lookout for ways to innovate your business, we recommend that you attend our 1-Day Business Workshop, 52 Ways, and you’ll find exactly what you need.
You’ll discover 52 unique strategies across all areas of business that you can apply instantly to see fast results. Learn what you need to change in your business to become innovative and help take your business to the next level. Implement 1 strategy per week and you’ll be set for the entire year.
Register to claim a free ticket and secure your seat.