Being innovative sounds like a successful business strategy, but the reality of knowing the best time to put a strategy in place, when to focus extra attention, or even having the impetus to start, can be tricky to get right.
In this blog we’ll explore three of the best times to look towards ramping up your innovation strategy, and some of the ways to get started.
Your Sales are Dropping
This can be a difficult time, particularly if you’re used to a steady stream of sales and need to turn it around in a short period of time. The temptation can be to panic and while innovation can deliver significant results, it’s not an overnight fix.
Put some time into research and call upon the experience of your team to generate fresh ideas. We’d recommend trying an innovation audit to find areas for improvement and stimulate growth.
You Struggle to Take Advice
This can be a difficult one to acknowledge. We all like to think we’re open to new ideas but think about the last time you took on the advice of one of your team, or even provided an opportunity for open and honest feedback. Whilst there may appear to be no imminent issues with the business, providing regular opportunities for team feedback can unearth great opportunities for growth.
Holding regular Lightning Decision Jams (LDJs) with both individual teams and a mix of all departments, can be enlightening and allow for feedback in a positive environment.
You’ve Reached Your Existing Goals
Innovation isn’t just for a crisis, when you feel everything is going well it can be the perfect time to look forward and think about the next steps, ensuring you stay one step ahead of your competitors. When it comes to innovating, no matter how great the idea is, up to 70% can fail to launch due to a lack of market for them.
Completing an MVP development process on a new idea can help to ensure that your new venture is a success, providing valuable feedback, scalability and 3rd party integrations.
Dedicating time to innovation should always prove a rewarding experience but, if you’re new to it, these are three timely opportunities to put innovation techniques to the test.
