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• Thursday, July 20th, 2017

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A lot of entrepreneurs here in Perth and managers do not understand how to fully leverage innovation in their business. Many of them believe that innovations are just for technology-based organisations. Although these technology-based companies develop a lot of innovations, any business regardless of size, industry or location, any business can develop creative ideas. These ideas can relate to product or service innovation.

Another reason why some small companies are not thinking about improvement their product or service is that they think that innovating is costly. Teaching your team how to identify innovative ideas takes some time, but the returns produced by new products and new product features can far outweigh the investment of time.

However, there is always risk when you try to innovate. If your company promotes a new product, you do not know if it will succeed. When you innovate, you are basically challenging previously set norms and values and introducing an alternative way or method that you hope the public will find useful and like. However, if it catches on, the users have to adjust to these developments and accept the new.

If you are planning to incorporate improvement in your business and you are not sure how you can get it off the ground with support from your employees, you should read this: https://www.smallbusiness.wa.gov.au/business-advice/innovation

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