When economic uncertainty arises and everyone in the business world is uneasy about the landscape of the near future, focusing on your innovation process and growing can help your company increase its competitive advantage. This may not seem like the most ideal solution to becoming an innovative leader in difficult times, but accepting the relatively small amount you lose in a frustrated economy will result in explosive growth in your organization. At least any more recessions will be able to weather the storm. While it’s not easy for the rest of the industry to decide to focus on innovation while cutting costs and focusing on making their companies more efficient, there are 3 ways you can create innovation at a strong time for stormy weather and organization for your location success.
1. Understand what a good process looks like
Take the time to explore and study the innovative models of other companies, even in other industries. Find out what worked for them and then start developing an ideal scenario for your own process. Take the time to analyze the innovative processes that prove to be successful even after being tested in difficult times and then find out the most valuable ingredients to create your own ract
2. Innovation with quality intent
Make sure you integrate your company process with your mission or price offer for your customers. An innovative process that can create great ideas is just as valuable as their success. By helping the customer succeed or by focusing on paying the highest price, you make sure you only spend resources – this can be even stronger when testing innovations that are consistent with your larger goals.
3. Create a sense of ownership and enable collaboration
Gaining the creative strengths of your entire organization and network as a form of inputs to your innovation process can help make your ideas more effective and much less expensive. By empowering your employees and even customers to contribute to your innovation process you will be able to use a bank of creativity that transcends the boundaries of any small innovation team. Give them reasons to contribute and then gather as many ideas as possible.
Using these three ways to boost innovation will ensure that you are ready for competitive and explosive growth in difficult times when the economy turns around.