We are being told that we should expect a deeper recession than in 2009. So what does this mean for us as entrepreneurs? It means time to innovate ourselves out of a recession.
Innovation is often seen as being synonymous with the development of new products. While this is true to a degree, it is only part of what constitutes innovation. Some think that it is generating new ideas. However, we would refer to this as ‘creativity’. Creativity is part of innovation but not a substitute for it. Being creative is good, but with no action, it is worth nothing. So for us, ‘innovation’ is the practical application of new ideas to meet our business goals.
Four types of innovation that we can consider as small business owners:
· Process innovation – improving how and what we currently do. The aim is to make our processes more effective and efficient.
· Product/service development – creation of modified or new products/services to meet existing market needs
· Market development – breaking into extended markets with existing products/services
· New business development – modifying our product/service and testing them in new markets could result in new business
Now is the time, in the midst of a downturn, to look at your business with a fresh pair of eyes and thrive – not just survive.
Complements - 'The Growing Business Handbook'
Janice is a Certified Business Coach whose extensive professional experience in various aspects of business has set her on a mission to help business leaders turn their Vision into Reality. She works with them to develop and implement strategies, best-practice systems and take action steps that will help move their business forward. In addition to Business Coaching, she is an Entrepreneur, Certified Life Coach, Trainer, Wife and Mum. She also works with Christian business owners who desire to run their business based on Biblical Principles.