How Small Companies Can Develop Their Business Through Innovation

by Naomi Johnson

The markets are increasingly becoming competitive locally and internationally. Every entrepreneur strives for greater exposure to innovative technology and improved trading knowledge. A study by PwC revealed that 93% of CEOs believe that organic growth associated with innovation can influence a higher percentage of revenue growth. According to Jean-René Halde, the Business Development Bank of Canada president, innovations make small businesses “more competitive and better placed to capitalize on business opportunities.”

But what is innovation? And how can small and medium-sized businesses leverage innovation for their business growth? Read on to find out.

What Is Innovation?

Innovation is applying new ideas that would improve production in your business. The meaning changes from business to business depending on the industry. Typically it entails doing things differently to maximize customer satisfaction by offering quality goods and services.

How Can You Integrate Innovation for Business Growth?

Treating innovation as a functional unit is the first step toward making your business more competitive. The successful implementation of new ideas is vital for any business to improve operations and revenue. Some ideas you can use to implement digital technologies include:

1. Cloud computing. Cloud computing has made data storage easier, allowing businesses to minimize the amount of computer and software programs used. It’s an excellent tool for businesses since users can access data from anywhere using a shareable link on various devices. Additionally, cloud accounting has transformed how small and medium-sized businesses manage their finances, such as filing taxes and monitoring receipts.
2. Incorporating business process management (BPM). Business process management (BPM) can help your business by streamlining processes and eliminating waste, improving quality by ensuring that all steps in a process are carried out correctly and consistently, reducing costs by automating manual tasks and improving resource utilization, and helping you better understand and manage your business operations. To learn more, check out this refresher on business process management.
3. Creating mobile apps. A mobile app allows businesses to connect directly to customers and virtually inform and ask questions about the business. With your mobile app, customers can view their account information, be updated about your company’s news, and take advantage of the current special offers.
4. Using digital marketing. Marketing techniques are crucial to every type of business. Technology has even made it easier to enhance the expertise for revenue growth. Your digital marketing strategy would be incomplete without a unique logo. You can quickly create your own in a few steps using an online logo maker. First, select a design and icon, then type in any text you require. You’ll see various logos, and you can change their fonts and colors to suit your preference.
5. Artificial Intelligence and machine learning. Artificial intelligence has revolutionized business operations and is becoming necessary for businesses seeking competitive advantage. AI is capable of various tasks, including machine learning, finance, security, and CRM.
6. Enabling employees to work remotely. With the advancement of technology, it’s now possible to collaborate remotely with people worldwide. Research from Stanford University shows increased productivity in remote workers equivalent to a full day’s work every week. You can manage your employees by measuring their output instead of hours spent in the office.

Scale to Greater Heights With Innovation

Innovations involve taking risks and putting more effort into keeping track of new ideas for your business. Understand how innovation affects your business, and find ways to shift it to your advantage by using technologies like artificial intelligence, business process management, mobile apps, and digital marketing. 

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