David Morey 
Fail to innovate, and you’ll join that dreaded list of companies who eventually fall out of a market.
While innovation might have many high-tech connotations, let’s not forget that in its basic form, it’s about developing.
Whether you want to improve your retail pricing strategies and tactics or take your processes and workspace to the next level, it is undoubtedly a step in the right direction.
You can innovate in your marketing, your product, your customer service, or even in your business model.
Innovation is a major part of any small business’s success, and today, we will look at ways you can champion this philosophy in your own company.
This Needs to Be a Company-Wide Initiative
It doesn’t matter how many people are involved in your business; to embrace the power of innovation, everyone needs to be involved. After all, if you are operating on the smaller side, you need all hands on deck.
“Innovation” is sometimes branded as an executive buzzword, and it is crucial not to fall into this trap. Instead, make everyone in your company open to the idea and ensure that an innovation-first approach drives meetings. In other words, ensure every staff member focuses on the improvement factor in each process and decision they are involved in.
Encourage Creativity
The previous point leads us nicely into this one. To innovate, you need to be creative; to be creative, you need to feel comfortable expressing your ideas. This is where company culture comes in, and it is something you need to focus on from the very beginning.
If you can create an environment where creativity is encouraged, you will go a long way to promoting innovation. This means trusting your team, being open to new ideas, and being willing to take risks.
Be Market Oriented
Innovation is about developing new products or services that meet the needs of your target market. This means you must be market-oriented in your approach and always have your finger on the pulse.
This can be done in several ways, such as carrying out market research, staying up-to-date with industry trends, and networking with other businesses in your sector.
By taking this approach, you will be able to identify opportunities for innovation and ensure your business is always one step ahead of the competition.
Be Open to Change
Innovation often means change, and, as a small business, you need to be open to change if you want to succeed. This means being willing to try new things, even if they are out of your comfort zone.
For example, let’s say that you’re primarily an online business, but you want to dabble in the world of high-street retail. While it might include some significant costs involving rent, business rates, and even insurance, it could be a great way to reach a new customer base.
But you’ll never know if you’re not open to change.
Invest in research and development
If you want to be truly innovative, you need to invest in research and development (R&D). This is the process of investigating and developing new ideas and products, which is essential for any business that wants to stay ahead of the curve.
Of course, R&D can be costly, but several government initiatives are in place to help small businesses with the cost. For example, the Research and Development Tax Credit scheme offers tax relief for companies that invest in R&D in the UK.
