Your Unique Perceived Benefit (UPB) is what makes you stand out from the crowd. It’s what you offer that your competitors can’t or don’t. By developing a culture of innovation within your organisation you can develop this factor of your business, fuelling growth helping you to dominate the market. Not only does innovation help you grow and increase your market share it can also help you to become more efficient, reducing costs. To achieve a culture of innovation you should:
1. Open Innovation Between Your Employees
Encourage open and free ideas within your organisation. People should be encouraged to bounce ideas off of one another. Innovation is usually a team effort, and the more ideas there are, the more likely it is that one will succeed.
2. Don’t Follow the Status Quo
You will never pass your competitors if you are all doing everything exactly the same way. Find ways to do things differently and try them out. They might not always work but when they do you could find your UPB and differentiate yourself from the crowd.
3. Don’t Just go for the Big Ideas
You can look at all aspects of your business to generate ideas of how to improve your product, service or customer experience. It doesn’t always have to be a big idea but sometimes finding small ways to improve things that you already do can create a huge benefit. Constant improvements over time will make a big difference to your business.
4. Allocate the Right People and Resources to the Idea
Find the right person to run with your idea, then allocate a set amount of time and resources to be dedicated solely to this project. Innovative ideas often fail because the resources or skills aren’t assigned to the project until completion.
5. Your Team are Your Greatest Asset – Trust Them
Let members of your team run with ideas, trust their ability, skills and motivation. Not only will this foster the culture of innovation that you’re looking for but it also gives people a sense of ownership and challenge as well as building team moral.
By incorporating these techniques and behaviour’s into your team you will start to foster a culture of innovation within your firm. If you allocate the right resources and people you can start to make changes, big or small, which enable you to fuel your business growth and increase your market share significantly.
We are a team of Chartered Accountants and Profit Consultants who like to do things differently. We help our clients grow while maximising profits and significantly improving their cash flow position. Send our team an email at email@example.com or call 01628623444 to see how we can help your business to achieve its full potential.