How Lack of Innovation Could Decelerate Business Growth?
We should also know that lack of innovation could cause stuttered growth. Innovation is directly proportional with business growth. If growth seems to be slow, business owners should examine whether their companies are known for innovation. It is possible that our company offers products and services that are commonly provided by competitors. In fact, some competitors already innovated better products, causing people to choose these products, especially if the prices are relatively equal. Major companies, such as Apple and Samsung are known for their constant innovation in mobile device industry. It may be necessary to allocate bigger budget for R&D purposes.
In reality, some giants could suffer from stagnation and eventually decline due to lack of innovation. Nokia’s mobile division and Blackberry are two best examples. Yesterday’s genius idea could become very common today. It is important to anticipate what the competition will introduce next year, next month, next week and next day. So, it’s important for people to grow in this kind of environment. In general, we should try to innovate, because innovation simply fuels overall growth. New products will need to be developed and new selling channels need to established. Customers should get more options and flavors. There should be multiple different ways to communicate with customers.
Unfortunately, this kind of culture can become a big deficiency among many small businesses. Owners can’t get away with this mistake and they can be the actual cause of this situation. New ideas should come up and it is important to avoid being trapped in a realm of smallness. If ideas are not generated and implemented, so the business won’t grow. Lack of proper system could also cause growth. Systems are essentially a framework, which business growth could happen. In some companies, too much growth causes instability and eventually chaos, due to the lack of strong foundation. In the end, the business may shrink to a level that can be supported by the system.
A good system will allow small businesses to grow and innovation will happen. Innovation could be dependent on the know-how and the whims of the people. It is important to be aware that innovation is influenced by how people move, remember and act. If people get bored or sick, innovation can be affected. Current systems may not be able to eliminate any kind of factor that cause innovation to stutter. In the end, we should have a predictable business. Innovation allows us to deliver what needs to be delivered, regardless of the condition of the company. It is important to know that mistakes in small businesses may happenn. They need to be discovered and then corrected.
Innovation should be made a habit in the company. There should be rewards that can be given to employees who are able to innovate and performs improvements to existing products and services. Slight daily improvements will accumulate into significant yearly changes. Innovate could be slowed down by mistakes and incompatibility, but any setback will be negated by constant improvement. Regular improvement should go along way to help companies to grow significantly. Business owners should be able to break away the trap of mediocrity and become much more successful. Innovation can be achieved if all constraints are removed.