Navigating The Path to Business Growth: Innovate or Die

Innovation is a key component of a business. For a business to grow appropriately, the key decision markers and business managers have to think innovatively and creatively. The benefits of innovation on business are already well-documented, so there isn’t really any need to go over it again. In any case, you can read about them here.

How exactly can you think innovatively? Here are a few tips:

Clear your head: This should be the first thing you do. Make sure you are relaxed and do not feel pressured. The best ideas are formed in a relaxed and calm atmosphere. If you find it hard to stay calm or keep a clear head, you can complete some relaxing activities like taking a walk while listening to calming music, preferably classical. It works for me and should work for you too.
Ask questions: ‘Curiosity kills the cat’ a common phrase. But this does not work when it comes to business. Prime your mind to observe, inquires, question and understand concepts around. Remove any constraints that might inhibit your inquisitive nature. Challenge old ways of doing things and try to imagine new ways that they can be done.

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Increase your exposure: Make sure to put yourself in a position where you will be able to observe a wide variety of things. Never assume that any knowledge is useless. Note that ideas are usually birthed from other ideas. Henry Ford got his idea of the assembly line technique of mass production from observing a meatpacking plant. The more exposure you have, the more likely you’re going to pick up ideas for your ideas.
Be imaginative: You should be creative. Don’t squash that random idea that comes to you prematurely. Allow your imagination run wild. Think of ways things can be done differently. You can follow some tips to boost your creativity.
Exceed boundaries: Don’t feel caged or forced to follow the status quo. Be ready to think outside the box. Learn to deal with and learn from past failures; be ready to take risks to find out what works and what does not.
Welcome feedback: Ask for people’s opinions and ideas and gather these to come up with a better idea for your venture. Also, feedback is important to know if a current idea you implemented would be a hit. Never disregard this.
Run brainstorming sessions: This can be done individually or in a group, although it is usually more effective when done in a group. This would involve coming up with a large number of new product ideas. Make sure to have people from diverse backgrounds if you plan to have a group brainstorming session. You will be better served if you include a provocative outsider, like a consumer or supplier.

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Adapt old solutions for new problems: You could do this by applying an existing product to a new need available. You could look for new uses of your product. For instance, De Beers produced industrial diamonds but found a new use for diamonds when they introduced the concept of engagement rings. It opened up a large new market for them.
Watch your competition: This does not mean to blindly follow whatever innovation they come up with. Instead, observe them intelligently. See if there are any of their ideas you can refine and adapt and even possibly license as your own. You can also acquire smaller profitable businesses if possible!
Look outside: You can outsource your new project development to external companies to work on this. Company like Edumark Consult can help us engage actively within the education community. If that seems like a risk for you, you can ask individuals to come up with novel ideas for innovation. Countless big companies have been known to do this successfully.
Go back in time: Look back at older business models and products. Try to ascertain which of these models can work for the present market. Be sure to refine it, however, to fit into the current market trends.

The tips above are in no way exhaustive of all the tips that can be used to improve innovative thinking. Also, not all of them might apply to your business model. Whatever the case, use the tips as a guide to building your business even further through innovation.

Jan 14

Tips for Boosting Business Productivity in 2020

The year 2019 has ended, with it, a decade. Putting the year 2019 under review, there are couple of lessons to be learned when it comes to handling businesses. Below are highlights for boosting your business productivity in 2020.

Some ideas might seem basic at the surface and business owners may tend to ignore them, but these “little things” should not be taken for granted. This brings us to the first tip of having a productive business in 2020.

Know Your Customer

Know your consumer needs and develop products that help satisfy those needs. The all essence of creating a business is to provide solutions to solve other people’s problems.

One big pitfall most businesses have run into is getting comfortable with a routine, forgetting that the tastes of the consumer are ever-changing despite its originally eclectic nature. Business owners should always find a way to tweak already existing products to meet these changing demands. Ever wondered the need for Coke Zero when the normal Coca-Cola was selling by the truckloads?

Identifying consumer needs is not as difficult as it might sound. It takes engaging your consumers in discussions. Encourage them to give feedback on the products. As much as it depends on you, keep your services as personalised as possible. Always acknowledge these comments; it just might encourage them to send another.

Boost and Nurture Customer Relations

Most businesses, if not all, want new customers. But what is a new customer if you lose two of your old ones! Old customers are usually the source of new ones, directly or indirectly. So nurture those old clients.

You can do this by staying in contact with them via different means. Newsletters, emails, text messages – these are just a couple of ways to do this. Try to always make these means of correspondence personalised.

Grow Your Network

Invest time in building your networks. Who you know is more important than what you know. Therefore try to get to meet more people. Attend networking events and do not be hesitant to put your business out there.

Possible benefits of networking include the possibility of customer referrals by word of mouth; it is a form of marketing. Another benefit is that you could get positive ideas on how to further grow your business. If possible, have discussions with your fellow competitors. It almost always pays.

Utilize Social Media

Social media is a powerful tool for businesses. It provides an easy platform to conduct market research, get consumer feedback and even promote and advertise your business. The best part is that it is relatively easier and cheaper to run when compared to other traditional methods, and it undoubtedly yields better results.

As common as social media is, some businesses have overlooked this goldmine. It so happens that some don’t have a social media presence while some others have not gone through the process of growing their brand’s visibility on the network. What this means is that those ventures miss out on prospective clients that are teeming on social media, feeding off scraps. Hence, try to boost your visibility on social media. Take advantage of Brand Influencers, create sponsored ads, grow your following by posting relevant and fun posts, and so on. Your clients are on the timeline.

Mar 03

Running A Successful Business In A Fluctuating Economy

With the economy fluctuating these days, making a profit from businesses has become considerably harder. This is even more so for small/medium scale businesses that do not have the financial stability to weather the storm. How then can these small businesses not only survive but also thrive? What can the owners do about it? The following tips might be helpful in running a business in a fluctuating economy.

Leverage on existing clients

Existing clients and customers are an important key to surviving a fluctuating economy. They are a means of generating steady income while incurring minimal costs in the process of finding a new customer.

Focus on the existing clients. Tailor your products to their needs. This will give you much more sales opportunities. You might also want to build customer loyalty. Look for cost-effective rewards to endear these customers to your business. Remember, however, that the quality of products/services offered is the major selling point, so focus on improving their quality to retain clients.

Cut down unnecessary costs

In order to stay afloat, it is necessary to be wary about spending on trivial or unwanted items. Be sure to do regular analysis to determine what products sell better and which does not, and then refrain from stocking up on products that do not give any real value of sorts.

Review your inventory management practices. Could there be a way to get your wares at a cheaper rate without reducing the quality? Can you get shipping alternatives that are efficient yet cost-effective? You are under no obligation to stick to the one supplier, be ready to explore other options.

Be different from competitors

However important old clients are, you are always going to need new ones to boost income. Thus, you need to research your competitors. If you are going to stand out in order to gain new clients, you are going to have to do things differently from your competitors.

Find out how they operate and look for ways to better their processes. Identify opportunities to entice prospective customers into becoming your customers.

Focus on core competencies

While it is encouraged to diversify, it will serve you far better to focus your attention on goods/services you excel at. Diversification just for the sake of it is generally a waste of time and resources. It can damage your core business by taking money and time away from what you do best and could possibly ruin your reputation.
Focus your attention on your core competencies. Any diversification should be well-calculated to achieve a particular purpose.

Do more marketing

When trying to cut costs, most businesses first slash marketing costs, at times dropping it altogether. This is the wrong approach. In times of economic fluctuations, consumers are usually restless and are looking for new options to purchase from. This provides a perfect opportunity to put your business in their faces. So don’t stop marketing. If possible, up the ante and do more marketing.

Mar 12

How to Harness the Power of Social Media at Trade Shows

We may continue to dispute the true power of social media as a professional marketing tool, but there is little doubt that it remains an incredibly effective way of driving your business forward. This applies to all aspects of business promotion, including offline marketing methods such as attending trade shows and exhibitions, as social media can help to drive consumers to your event and create a buzz around your entire brand.

With this in mind, how can you harness the full power of social media to create a memorable and productive trade show? Consider the following: –

Prepare Thoroughly and Access Social Media Prior to the Event

Preparation is crucial if you are to successfully utilise social media at a trade show, primarily because it enables you to promote your event and create interest around your brand. By sharing updates and information through an integrated online profile including sites such as Facebook, Twitter and Pinterest, you can alert your audience well advance of the exhibition in question. When using Twitter, you should also remember to include your official brand name a unique hashtag for the event in every communication.

Focus on the Quality rather than Quantity of your Posts

During the show, it is often tempting to subject your followers to a barrage of updates and tweets. This can easily disorientate the customer, however, while also increasing the risk of issuing bland content that is poorly structured or grammatically incorrect. To avoid this, you should focus on creating quality updates rather than producing them in high volume, using creative and engaging content that seeks to drive traffic at specific times of the day.

Post Pictures and Videos While Embracing Multimedia Resources

If you have invested heavily in creative banners and colourful display panels for your trade show, it is crucial to utilise these through audio-visual media and images. These eye-catching design elements can be extremely effective in enticing potential customers, especially if they are shared in real-time through a number of visual social media sites. By sharing this media across high traffic sites such as Pinterest and YouTube, it is possible to narrate a theme throughout the day and enable your customers to share in an interactive trade show experience.

With this in mind, the content of your videos and imagery is also important, so be sure to capture different elements of the day to convey a genuine experience to customers.

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