Business

How To Find New Ways For Company Growth and Development

May 6, 2020

For any business to remain attractive and survive, growth is important. Growth could be internal, where a team expands, or external through mergers and acquisitions. Sometimes businesses also diversify into related industries. For a company to thrive in today’s highly competitive business environment, it needs to innovate. Innovation does not have to be something groundbreaking. It can be as simple as making small but key improvements in different areas of a company’s processes, services, or products, hence finding new ways to grow and create a competitive advantage for a company.

Having an innovative strategy

Source:hbr.org

Successful innovation requires a successful innovation strategy. Having a strategy, which defines an organisation’s future goals and outlines how to reach those goals, acts as a guide and reference point. A good strategy needs to be simple and clear while the rest of the organisation, whose input is vital in implementing the strategy, also needs to have a good understanding of what the strategy entails. The whole organisation and all its stakeholders must be a part of the strategy.

Adapting to the times

Thanks to technology, our ability to perform a variety of tasks have been revolutionised. The normal 9-5 routine is no longer the norm. To maintain the best and the brightest talent, companies are responding with new types of work schedules like flex-working, “smart” working, hot desking, and activity-based work. Traditional boundaries of space, location, time, and structure are quickly blurring, and new ways of working are being adapted to ensure teams are more productive and effective.

On top of this know that success is a gamble For example  if you’re a startup thinking of entering the space, you should know that there’s no guarantee that you will be successful. You should always remember this fact if you want to know when it’s time to retire. Every startup must learn to embrace failures and embrace them as a valuable source of learning.

Learn to cultivate your brand

Let’s face it, if you’re an entrepreneur you’re probably sick of the same old things (like standing around on stage at your startup launch). Even for successful founders, the worst thing they can do is let the same old tired formulas hold them back and rob them of the vision. So if there’s one thing that most successful founders have learned, it’s this.

Now, you might be thinking, “how am I supposed to tell my startup story when I’m getting my hair cut?” Well, luckily, as more and more founders take their customers’ feedback to heart and spend time cultivating their brands in the real world, more and more stories will become more recognizable and more relevant to a larger audience.

The future is digital

Today’s generation of young people is plugged. A lot of young people joining today’s workforce do not know a world without the internet. Digital transformation is increasingly becoming a vital strategy for organisations across the world. Massive opportunities presented by advances in digital technology give companies an opportunity to reinvent their products and operating models in ways that have the potential to achieve commercial success and give companies global relevance.

Digital technologies are everywhere—mobile phones, tablets, and computers in the home. A U.S. Senate research report estimates that the U.S. will be spending $1.2 trillion on communications over the next decade. More than 60% of high school and college graduates have used smartphones, iPads and other digital devices-further pointing to huge opportunities ahead.

Creating an innovation culture

Innovation sets businesses apart by giving them a competitive advantage. Tech giants have risen to greatness because they have been engaging in innovation. Companies can encourage an innovation culture by eliminating barriers like working in silos, being intentional with their focus on innovation, holding innovation sessions, and giving employees time to develop and test new ideas. For this reason, leaders have a critical role in inspiring an innovation culture among employees, which speaks to the overall innovation strategy of the organisation.

Source:edisonawards.com

Creating an innovation culture allows us to be open to new ideas, while also continuing to encourage the development of in-house expertise. The difference is that leaders are also innovators, producing new knowledge about effective innovation as they help their organisations to perform well and share their knowledge with other organisation.

The Power of Paper

In this highly digitized world, it can be easy to forget the power of printed paper. When it comes to graphic design, the letterheads and envelopes a company is using can make a significant difference in terms of branding and connecting with customers.

For a personalized touch, consider using websites like GotPrint that offer custom printing on a variety of products, including letterheads and envelopes. Customers and other company stakeholders will feel a special attachment to the company whenever they receive printed products because very few companies are doing this nowadays.

Embrace Ideas Into Impactful Products/Services

Source:southeastbusiness.com

To embrace progress is to acknowledge that businesses grow differently. One idea may work while another one may not. That is still growth in the right direction. Trying all ideas at once is not necessarily innovative. Innovation is a continuous process.

How do you transform a great idea into a more impactful product?

You will  want to do two things:

Break down barriers between product development, engineering, and marketing
Curb technical risk

The fast-paced startup landscape is packed with first-time entrepreneurs. Risks have never been higher for product-focused companies that want to sell their ideas to a wide audience, yet are growing at frenetic speeds and faces many new challenges.

Balance goals with resources. Tackle one idea at a time, and the growth you expect as a company will soon be realised.

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