English | دری

Five Tips to Inspire Innovation at Your Small Business

in Featured Articles

Five Tips to Inspire Innovation at Your Small Business

In today’s marketplace, product life cycles are shrinking, global trade is leading to growing competition and the internet has lowered barriers to entry in many industries. So the need for innovation is more vital than ever.

How can you kick innovation into high gear at your small company? Here are five ideas: 

  1. Swim upstream. Is everyone in your industry doing things the same way? Maybe there’s an untapped need others are missing. For instance, one Midwestern grocery chain, Hy-Vee, recently began stocking a special checkout lane with only healthy snacks. It’s a smash-hit with health-conscious moms who shop with young children, and the chain is reportedly mulling expanding the idea to 100 stores.
     
  2. Face your fear of change. We crave exciting new things as consumers, but as business owners we often fear having to implement new ideas. Create a culture that integrates and celebrates change to spur more innovative initiatives.
     
  3. Listen to customers. If you feel short of creative energy, do a focus group or take an online poll. This is a key to many of Procter & Gamble’s newer products.
     
  4. Add unusual services. You don’t have to be an inventor to be innovative — just add a service that isn’t traditionally offered in your industry. An example is the new Duane Reade flagship store on New York City’s Wall Street, which has such amenities as a nail bar, juice bar, sushi bar, no-appointment doctor, cell-phone charging station and electronic stock-exchange ticker.
     

Source: http://www.entrepreneur.com/blog/222881



Related Articles

Afghanistan Mining Potential, Challenges and The Way Forward

By: Mohammad Ismail Amin Afghanistan strategic location is not only of an immense importance but also the tremendous natural resources

Facebook Might Owe You $10

Buzzfeed-A class action suit about Facebook’s Sponsored Stories feature resulted in a $20 million settlement. Up to $10 of that

Implementing the U.N.’s Sustainable Development Goals

After fifteen years of nations pursuing the Millennium Development Goals established by the United Nations, representatives of the member states,

3 comments

Write a comment
  1. Azadi
    Azadi 9 May, 2012, 21:25

    Very informative. Organizations in Afghanistan should use these ideas in order to compete with foreign markets.

    Reply this comment
  2. Ashley Neal (@smallbizatlanta)
    Ashley Neal (@smallbizatlanta) 11 May, 2012, 22:27

    Great tips! I strongly agree with #’s 1,2, & 3

    Reply this comment

Write a Comment

Your e-mail address will not be published.
Required fields are marked*