Innovation is a constant process for most businesses and is one that causes a lot of confusion. It is critical for businesses to be innovative in order to keep growing and be prosperous in a dynamic global economy. However for some businesses, it can be difficult to maintain, and requires constant work. Here are five things that your business needs to stay current and ahead of the pack.

Innovation

1. Continuous Training

Continuous training for workers is incredibly important for workers so that they are always improving their skills and productivity. There are plenty of companies, like The Print Group, that produce high quality training manuals and papers. Click here for more information. By always proving training for your workers, you are encouraging them to think laterally about the challenges ahead, thus fostering innovation.

 

2. Communication and Openness

Having an open and encouraging business structure will make workers feel as though they are able to contribute more to the business in terms of brainstorming and forward thinking. A top down communication structure will be most effective. Communicate to workers that their ideas are valued and that you will always make time to hear them. This will make workers feel valued, leading them to feel more loyal to the organisation and intrinsically connected to the fortunes of the company.

 

3. Customer Feedback

In order to understand what your customer truly desires and wants to buy, customer feedback is essential. This can be via a direct enquiry, questionnaire or even by allowing thoughts to be provided on social media platforms. Customer feedback will not always be positive; however, a proactive manager will utilise this negative and turn it into a positive by dealing with issues in a positive way and coming up with a creative solution. Many successful companies rose to the top simply by looking for gaps in the market and giving customers what they desired and needed.

 

4. Social Media

In the 21st century, social media is incredibly important to modern businesses. It is the place where innovation manifests itself and grows. Businesses need to monitor social media trends in order to stay ahead in terms of new products and services. Social media is also a fantastic way to monitor and maintain consumer feedback, reviews and opinions.

 

5. Reward Structure

Implementing a reward structure for employees who develop truly innovative ideas is a great way of ensuring communication and openness in the organisation. It also encourages employees to have an invested interest in developing ideas, or even approaching management with ideas, for potential new products or services. A reward structure also encourages a top down communication approach, making employees feel as though they are valued members of the company.

Innovation for any business is incredibly important. It enables the company to stay ahead of trends (and competitors) and look for various expansion opportunities. What other things do you think you need to be innovative? What do you wish your company did or provided? Make sure you leave your answers and suggestions down in the comments below!

HorizontalRule

For more information about this post check here.
If you are interested in posting on Monster Piggy Bank, please contact me.