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Small and midsize businesses are often referred to as the backbone of the economy. They also share innovation pains similar to their large business counterparts. In fact, companies of every size must increase productivity, sustain innovation, and consistently deliver products that meet customer demand. Yet, small and midsize businesses feel these pain points more acutely. Granted, such companies can correct course quickly, but each decision is the bet-your-business kind. They have no room for error.
So how do you drive innovation in SMBs?
1. Learn best practices. Just as small companies and large businesses have common problems, they can also have common solutions. Do your homework and learn about innovation best practices that bigger organizations employ, regardless of industry. Remember, they have often been at it longer and have more resources and staff to figure out a solution.
2. Recommend sustainable innovation processes. Cast your focus on delivering business value time and time again. Use technology that makes innovation repeatable and sustainable vs. that one-time eureka moment. Collaborate with colleagues and executives to build on your company’s innovation agenda and help meet deadlines consistently. Most important, don’t give up after one try. Stick with it.
Championing innovation is a win-win all around. You will find yourself creating new, competitive opportunities for your company, which is well worth the time and investment.
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.
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