Published: 3:45 PM, Apr 20, 2022
Ambitious business owners know the value of successfully implemented innovative business solutions and spend a lot of time to find interesting and effective ideas and ways to realize them. On the one hand, to find and develop a suitable innovative business model may take much more time and effort than some entrepreneurs are ready to spend. On the other hand, such an approach allows for the utilization of resources in a much more efficient way and achieves benefits unobtainable for the rest of the market players.
All in all, innovations, digitalization, and the development of new business systems allowed many companies to survive in the pandemic and adapt the business to the new reality with comparatively small losses.
For those, who still are not sure whether innovative business solutions are worth of efforts, below is a quick guide on how to produce ideas, where to look for inspiration, and what results can be achieved from it.
Innovative Business: Mindset, Rules, and Principles The main idea, which stands behind the innovation, is to make task performance easier for both sides: clients’ and businesses’. For example to turn to the electronic document turnover instead of sending documents with couriers and spending time for it, create online forms for self-service and goods ordering, automate manual processes, and so on.
So when it comes to the search of potentially beneficial innovative business solutions entrepreneurs may ask themselves the following:
What I can do better? Meaning to achieve better results with the same resources or same results with fewer resources);
what special and inaccessible before offers can we make to clients, which were not made by competitors yet?
What improvements can we do to the business to make it more effective and efficient? Working for answers to the above mentioned questions may help to find unique ideas, which after implementation become a strong background for building an innovative business model.
How to Create Ideas
To find answers for the above-mentioned questions the following action can be taken:
Brainstorming. It doesn’t matter what is the main aim to do the same things with better results or to find some new fields for performance. The key driver of successful brainstorming is a competent team, collecting as many ideas as will be proposed, composing a longlist and a shortlist from these ideas, development of implementation steps, and their processing.
Analysis of client’s feedback. Attention to the client’s needs and the client’s recommendations can bring many benefits to the entrepreneurs and business owners. The main point is to build a strong and secure channel for confidential communication and analyze information collected from clients with the development of further action plans, if possible.
Market research is a wide range of actions performed to know acting and potential clients and competitors better. It allows fitting clients’ expectations better and outstripping competitors.
Principles to Follow
Analyzing top-innovative companies the Boston Consulting Group stressed 3 key principles that created a difference between truly successful and innovative business and those companies, which pretend to be innovative but still didn’t achieve the goal.
Walk the Talk Principles
It’s not enough to declare innovation as a priority, the point is to invest resources at an adequate level for prioritized tasks, and achieve real results in this field.
Scaling Cannot Be Underestimated
The bigger business is the easier is to invest in innovation and launch new goods and services for it. In fact, the pandemic showed that big entities had enough time and resources for respective transformation and applying innovative approaches, while the majority of small entities were forced to close.
Calibrating and Ongoing Basis
Building an innovative business model is not a one-time task. It includes tuning and maintaining a system, which allows driving an ongoing process directed for innovations and best practices in an internally compliant and integral way.
Innovative Business Solutions Implemented by Known Companies
Recommendations given above have already worked for companies considered successful in their industry.
Airbnb and Alibaba
Airbnb is a platform, which allows booking accommodation in plenty of cities across the world. Alibaba is a platform that unified thousands of buyers online, which allows any online shopping. These companies, which work in different industries, propose the simplified process of connection between landlords (sellers) and tenants (buyers). The service they provide is a quick connection between authorized sides via the online platform.
Everybody knows the Tesla products – electric cars. But the success secret is in the unique features making using electric cars highly comfortable. Investments in the infrastructure, excellent client service, and adorable features development gave the result that 90% of Tesla owners would recommend the product to others.
Free online encyclopaedia realized its mission to improve users’ knowledge by attracting people to participate in it. Being a part of the great working idea serves as the best motivation for authors to improve the content and allows Wikipedia to provide the product of great quality.
What about Ideas for Small Business?
The information provided may not answer where to start. The examples may make to think that the decisions may apply to the large business only. In case the ideas for small business is seeking it is required to start asking questions and apply approaches from the previous paragraphs to the following spheres:
Location – whether it is easy for a potential client to get the service or product? Does it in compliance with the business concept? Can it bring additional advantages?
Delivery – can you improve the way the clients receive the service or product? Can you offer a new approach to obtaining the existing market goods or services?
Customer service – analyze your customers, their feedback, and needs. Make the business client-oriented.
It doesn’t matter how big the business is and how long does it operate. Innovative business systems and models can bring plenty of benefits to its owners and create value for clients helping in this way to stand out from competitors and become a leader in the industry. Comparing advantages brought and time spent on research and development, transforming the entity into an innovative business becomes a key factor for prosperity.