Indications in the last couple of years have shown that the biggest driving force, for the success of medium and small scale businesses, is innovation.
This is evident, from the way these mini-ventures, have employed the tactics of radical innovative changes, to break through the existing market.
With disruptive innovation gradually becoming the model of an average small business, the demand for talent and technology is taking a toll on the time of CEOs and this is a great challenge.
Asides from the two factors stated above, other barriers to growth can come through the limited budget, to investment and the worst of all, employee’s resistance to change.
As a Founder, or, your company’s CEO, your role in delivering the process of innovation, cannot be overestimated, therefore, the journey begins, with your deliberate actions, to remove the obstacles.
Consider the solutions below, to assist you in making progress on innovative changes:
Choose Your Time Wisely
No matter how small, or, big, an innovative project appears, time and money are involved.
You need to choose wisely, how to invest in both time and money, for maximum yield.
A deliberate action, ought to be devised, for setting up a research and development team, dedicated, solely for that purpose, or, better still, create a specified period of time, for your management team to meet, for a round table discussion, on innovative development.
You could as well decide, to reconsider your business model, or, set very ambitious goals.
Start With A Task Force
There is no harm, in having zero ideas on where and how to start, which is a reason, it is essential, to get on board, employees, who are open-minded and have shown innovative disposition.
As the head of your company, you need to create a task force that would especially, take charge of innovation and also spelling out, the responsibilities of each task force member, for enough clarity.
The team should be led, by an individual, who is not involved in the management of any daily operation, as this may lead to another level of stress.
Incentives For Your Team
No doubt that, sometimes, there can be a difficulty, in managing people, but with a few perks, you can get them doing your bidding.
Create incentives that are not part of the regular take-home pay, or, allowances.
In addition to this, you could also, make innovation, a required competence, for bringing your employees on board.
Ask potential candidates about innovation, during interviews and note their perspective and disposition towards it.
You could also create a training program, for your current employees on innovation.
At the mention of the phrase, “innovation”, one might have created an image of a complex task, in the mind and even, on the average, the task of innovation can appear overwhelming.
Why not go the way of asking questions like, can I change my production line, to bring about acceleration, on the delivery of goods?
Do you want to join the league of fast-growing companies? You need to start creating a culture of innovation.