Five Tips to Inspire Innovation at Your Small Business

**Great article we found on Entrepreneur.com.**

Five Tips to Inspire Innovation at Your Small Business

In today’s marketplace, product life cycles are shrinking, global trade is leading to growing competition and the internet has lowered barriers to entry in many industries. So the need for innovation is more vital than ever.

How can you kick innovation into high gear at your small company? Here are five ideas:

  1. Swim upstream. Is everyone in your industry doing things the same way? Maybe there’s an untapped need others are missing. For instance, one Midwestern grocery chain, Hy-Vee, recently began stocking a special checkout lane with only healthy snacks. It’s a smash-hit with health-conscious moms who shop with young children, and the chain is reportedly mulling expanding the idea to 100 stores.
  2. Face your fear of change. We crave exciting new things as consumers, but as business owners we often fear having to implement new ideas. Create a culture that integrates and celebrates change to spur more innovative initiatives.
  3. Listen to customers. If you feel short of creative energy, do a focus group or take an online poll. This is a key to many of Procter & Gamble’s newer products.

**To read the rest of the article from the original source, click here.**

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: