What Is Your Innovation Missing?
Innovation is ‘something different that creates value’ and businesses need to invest in their people and their innovations to grow and succeed in their objectives. However, some companies struggle to innovate and find it difficult to solve the issues they face.
A Lack Of Diverse Ideas
One of the biggest issues that businesses face is that they struggle to come up with ideas, and those they do generate end up being too similar to each other and to past ideas. They favour what has worked for them before as this is perceived to be less risky and therefore more likely to succeed. Companies also only tend to rely on the same people to come up with their new ideas.
They are missing out on the new thinking that a more diverse workforce could bring. A business needs to invest in their team, finding new employees with different experiences and backgrounds, and in developing an innovation culture that encourages everybody to come forward with new and diverse ideas that will help them create value and stand out against their competitors.
No Clear Objectives
Business leaders who fail to understand and define their end goals, struggle with their innovations. Their people do not know what they are working towards and therefore, do not understand what innovations will help reach the results they want.
A business needs to have SMART (Specific, Measurable, Achievable, Realistic and Timely) goals otherwise their innovations will not work. Knowing your end objectives will help your people target their innovations to solve their audience’s problems and fill gaps in the market.
Read our other blog ‘Are Your Exit Goals SMART?’ to learn more.
No Long-Term Thinking
Some companies tend to focus more of their attention on their short-term goals instead of looking forward further into the future. To achieve these short-term targets, they invest more on their sales and marketing. This leaves less money for the business to spend towards their innovations and researching and developing new ideas.
Your innovations could be missing these key factors that are necessary for future success and growth. If you want to learn more about different forms of innovation and why it is necessary for your business have a look at our Innovation Page.