Even while the economy languishes, and most companies are in survival mode, technological innovations that have been in the pipeline for decades continue to drive massive change in the markets. In fact, all signs indicate the rate of change in the economy is increasing. Those companies with an active innovation program in place will be in the best position to dominate when purchasing power begins to increase.
Many people are confused by the concept of innovation, thinking that it is something in which only the very brightest people participate. On the contrary, anyone can and should participate in a properly run innovation program.
Here are 10 top reasons (in no particular order) to begin an innovation practice within your company today.
1. Create a new product/service/process/system - This is the heart of true innovation - the creation of a new thing. But, remember it does not have to be patentable, just an improvement on an existing system or product.
2. Job creation - Innovation is one of the top drivers of job creation in the US, and is the fastest path we can take out of this economic morass.
3. Cut costs - The simplest innovation program is one in which you ask the people involved how to do the task in a less costly manner. A properly motivated staff often times produces amazing results.
4. Become more productive - Similar to number three above, you could ask your staff how to do the task in fewer steps, faster, or combine it with another step to be more efficient.
5. Create a better USP - In the hyper-competitive market that we currently find ourselves, being able to differentiate our product/service is absolutely invaluable. Innovation can make your Unique Selling Proposition truly unique.
6. Prevent boredom - Finding a new way to do the same old task can be fun and possibly exciting. Innovation of a routine process just for the challenge of it can get the old creative juices flowing again.
7. Open new markets - Sometimes you just have to modify your product/service only slightly to be able to move it into a new market. Sometime you may have to do more then a slight modification, but if you are successful, you have a new revenue stream.
8. Meet new people - The strength of your business depends to a large degree on the people in your network. When you do new things in the same market or different things in a new market, you attract new and different people to your company. By itself this is valuable.
9. Create a new pathway to wealth - While becoming wealthy may not be your primary motivation, innovation is the traditional means and one of the fastest ways to achieve financial independence.
10. Become famous - Becoming famous may not be your primary reason for innovation either, but if you do it properly, it can be a fast track to becoming well known. With too many media outlets and not enough interesting news, getting your face on one or more of the channels is not that difficult with the right story.
If you are interested in learning more about innovation systems, please visit The Idea Train at http://www.Coaching-Institutes.com/InnerCircle.html Coaching Institutes focuses on leadership development, training and coaching. Michael Larsen is a long time management consultant, speaker and trainer.
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