The Answer to Maintaining a Competitive Edge: Innovation

What separates a successful business from one that is dwindling?

Are you a small business owner in an extremely competitive market, wanting to stand out from the rest? Don’t want to be sidelined? A key word to take note of is continuous innovation. The minute you stop thinking of ways to create new ideas and implement improvements, your business will hit a plateau. And what’s worse for an entrepreneur than hitting a plateau? Going downhill.

Staying a step ahead of just being creative will go a long way for your business. Innovation means, implementing a creative idea into a product or service. It is important to realize that this needs to be a continuous process in order to be successful. By thinking outside the box, a business will develop a brand image that is unique, that will catch people’s eye and will draw them in. Create your vision- but don’t stop there. Do it again and again- and then again.

To take an example, Dyson has shown exactly that through their Air Multiplier machine, that are doing the same thing as a regular fan, but the one thing that their brand image screams is innovation. By making their fans bladeless, not only have they improved their product by eliminating noise, improving the visual design drastically, but they have done so in a creative and innovative way.

An easy place to start for new entrepreneurs is to write down day to day ideas or hurdles that they face. Then brainstorm ideas to fix them. Keeping your mind running will keep it creative and that is where the key to the next innovative idea lies What makes a business unique is the ability to stand out from the rest and that can only be achieved if entrepreneurs keep the gears in their heads turning, always moving forward, always thinking of ways to make their business bigger and better.  In other words, continuous innovation needs to be at the forefront of any business’s agenda to achieve a competitive edge -and come up with the next billion dollar idea.