In today’s business, innovation is a key to sustainable growth. So, evaluating your business’ innovative strength is critical. In this age of rapid change if you don’t innovate, you are setting yourself up for becoming obsolete. Unfortunately, those who refuse to build a culture of innovation will never find notable growth or success in their company.
The fact that change is happening so rapidly can make business-owners unsettled and concerned. But true business success must be propelled by innovation. As businesses create a culture of innovation they learn that they get two benefits: 1) they attract brand new customers, and 2) they find simple and more efficient ways of doing things.
Here are two things that you can do to become more innovative in your business:
- Find three things that your industry can improve upon
- Identify three things that other industries are doing well that you can use and modify to fit your business
By detecting things in your industry that you can improve, you will also discover that you are the one most qualified to find a solution for this deficit. Giles Ste-Croix had the idea to form a dramatic mix of circus and the arts.
He collaborated with Les Échassiers de Baile-Saint-Paul, a stilt-walker, and Guy Lalberté, a juggler, dancer, fire breather, and musician. They created outrageous costumes, magical lighting, and original music. This was the birth of Cirque du Soleil, which first performed at the 450th Canadian Discovery Day.
Ste-Croix found that the circus needed improvement in 3 areas: more drama, less sideshows and no animals. He also identified a group of people that wanted a more sophisticated kind of entertainment that was simultaneously nostalgic. This had him merge the circus with theater, therefore appealing to a whole new audience.
Ste-Croix found the frailties in the industry and improved them. He also looked beyond his industry to add a new flavor, therefore luring in a whole new market.
You see, despite what you have heard, the future can be predicted, and you can chose your desired future. By gauging where your business is today, you can begin to grasp what kind of future you can expect and make the necessary adjustments.
Take our free Business Vitality Test today and discover your business’ innovative strength.