This week we looked at what made businesses innovative. For me personally I find that businesses define innovation as the implementation of new ideas, the creating of dynamic products or improving their existing services. Innovation can be a catalyst for the growth and success of a business, and can help businesses adapt and grow in the marketplace.
Looking into innovative businesses I found multiple sources recommend a useful guide into what steps businesses should take if they want to be innovative. Listed below are the 6 steps to follow to create an innovative business
- Conduct an analysis of the trends in the market environment, your customers’ wants and needs and your competitors.
- Consult with customers and employees for ideas on improving processes, products and services both internally and externally.
- Seek advice. Use available resources such as business advisors, grants and assistance to drive innovation in your business.
- Be open to new ideas and adaptive to change.
- Develop a strategic, responsive plan, which promotes innovation as a key business process across the entire business.
- Train and empower your employees to think innovatively from the top down.
In looking at innovative businesses I decided to look at a business I personally thought was innovative.
Facebook being one of the most well-known, and majorly used platforms for communication around the world, I feel can be viewed as a very creative and innovative business. Not only has Facebook developed itself into a tool for communicating with others, it has allowed individuals to receive and share ideas with one another, allowing for a more creative and innovative world. In having Facebook develop such software that allows communication, and the exchanging of ideas between individuals on opposite sides of the world, other businesses and industries such as tourism have been able to use Facebook to their own advantage.
Facebook’s forever growing development from when it first began as a site that individuals in a class at Harvard University could use to communicate with one another, to a platform that allows users around the world to share and promote a variety of material, shows that the company is constantly thinking of new creative and innovative ideas to better develop and improve themselves.
Business innovation is important in the growth and development of a company. Without it companies would not be able to improve themselves, leaving businesses in situations where other companies can take over and leave them bankrupt. Innovation is a catalyst for the growth and success of a business, and helps businesses adapt and grow in the marketplace.
Thanks for reading,