Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.
+1 212 318 2000
Europe, Middle East, & Africa
+44 20 7330 7500
+65 6212 1000
Small businesses are often born from innovation and by that token are more creative and nimble than their large corporate counterparts. But due to limited time and resources, they often fall short when it comes to staying on top of changes in the marketplace. To maintain that competitive edge and find out about the latest trends and tools, smaller companies should take a lesson from their larger counterparts.
More and more of these companies are appointing corporate innovation officers or executives to investigate ground-breaking business solutions and thereby identify innovations to address even the most painful business problems. While it may not be practical for small businesses to appoint a single person for this task, you can assign different areas of innovation to several people in the company, keeping them engaged, up to date on the market, and motivated. Successful small businesses might also dedicate resources by participating in industry forums, visiting online communities, and meeting with other industry experts.
While too many cooks in the kitchen may spoil the pot, you can almost never have too many eyes and ears scanning the industry for innovative technologies. By constantly being on the lookout, not only can you find the best solutions for your biggest business problems but you can also avoid having to strap on running shoes later just to stay in the race.
Yakum, Israel (with offices in Boston )
Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.
To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.