8 Ways to spot opportunities for innovation in your business
“If leaders are unable to slough off yesterday, to abandon yesterday, they simply will not be able to create tomorrow.” – Peter Drucker
Innovation is often linked with the creation of new products or services, but yet it goes beyond that. Changing the way in which we do things is also innovation. For businesses to stay relevant they need to constantly innovate therefore, certain conditions need to be put in place for innovation to thrive.
To spot opportunities for innovation, you need to create an environment that encourages creative thinking. Here are 8 ways to cultivate innovation in your business:
1. Engrave a culture for innovation
Allow employees to devote a percentage of their time to do something innovative of their choice. This creates a supportive atmosphere for people to feel free and express their ideas without criticism.
2. Allow time for research
Empower your employees to do research and report on new technology. Research can be conducted on trends, competition, customer frustrations, or even about other industries.
3. Remove the fear of failure
Let your employees know that failure is the doorway to innovation and success. Encourage risk-taking and experimentation by rewarding the biggest fail together with the biggest lesson.
4. Appoint influencers
Appoint an Intrapreneur who can motivate others to innovate in several ways. This also promotes openness between individuals and teams.
5. Create a reward system
Reward innovation and celebrate successes. Find motivating and fun ways to encourage your employees to think creatively.
6. Recruit creative and imaginative people
Hire people with different perspectives and qualifications who align with your culture.
7. Set training programmes
Training often will inspire new ideas and ways of thinking to employees. This also gives employees a chance to gain additional experience and apply new approaches to their work.
8. Turn the workplace into a creative environment
Provide areas for employees to break out and refresh their minds. It is difficult to stay creative in an enclosed environment. Set up open spaces for employees to sit and chat or discuss freely.
It's not an element of trying out all the eight possible ways, as businesses should find the conditions that work best, for them to cultivate innovation and not wait until a crisis has hit or sales have dropped.
Continue reading: Why does it take a crisis for companies to change?