Apr
26
5 Ways Your Business Can Be More Innovative
Whether you have 100 employees or 10, as a business owner, you’re constantly trying to improve your business in every way possible. Right? But have you found that generating new business ideas can sometimes be rather difficult? Don’t fret, there are many reasons why your creative light bulb may be burnt out. Maybe you’ve been in the same industry for too long, working with the same tasks, day in and day out. It’s also possible that your creative juices are running dry because your daily activities require zero creativity. Michael Maddock, a long time business consultant for Fortune 100 companies claims that, “You can’t read the label when you are sitting inside the jar.” By this, he means you must take a step outside the box, in order to see outside the box. Creative ideas have never come from simple conventional thinking.
Target new customers: Despite what the 80/20 rule says (you get 80% of your business from 20% of your customers) try focusing on new customers. Although it is important to focus on those who already love your product or service, you must not forget that you need to focus on what isn’t working in order to improve. With the feedback you receive from your new focus, you can improve products, customer service and business operations.
Listen to customers: Aside from targeting new customers, if you’re not already listening to customers, then you must start today! Word of mouth is the most powerful tool your customers can use against you. If you haven’t done so already, check customer review websites such as Angie’s List or YELP to ensure that the reviews posted about your business are positive. If your business has a Social Media websites such as Facebook or Twitter, make sure your are responding to customers posts. Use the information you receive from customers and run with it!
Try things in new ways: “People who are “in the jar” may interpret new ideas based on how they previously saw them,” says Maddock. They may think they’ve tried or tested an idea, but if it was applied it in a conventional way — the way it’s always been used — then they haven’t really tried it. Consider the term “auction” In the jar thinkers think of Sotheby’s, but the more practical and imaginative think ebay.
Communication: Communication is a huge part of creativity. You may be an expert on the terminology used when referring to your product or service. But beware, the everyday consumer may have no idea what you’re talking about. Observe the language being used by your customers, and use that when doing business.
Get out of the office and chat: Try going outside the office to formulate ideas. Grab a team from the office and engage in conversation with consumers that could potentially be buying your product or service, then compare findings!
Get help when you need it: Being innovative doesn’t come free. Don’t be afraid to take out a small business loan when you’re in need of a website redesign, new office furniture, or to launch a new marketing campaign. The cost of being innovative will always pay off! All businesses find themselves in need of money at some point. From small business start-ups to established businesses looking to expand, business loans are essential part of doing business. The key to being successful is using credit as a business tool and properly utilizing credit based on your business needs. Liberty Capital Group is also able to assist you in this process. We can help you finance your plans to become more innovative. We fund all business activities, whether you need.
Take the time to consider alternative financing options for your company, including quick and easy business cash advances and factoring. Don’t feel that you need to be trapped into a traditional loan structure. Options such as factoring, cash advances and equipment leases can be successful financing for doctors, restaurants, retail stores, manufacturers and many other business sectors. Whether you are struggling and looking for worry-free bad credit funding or a successful company looking to take advantage of a business opportunity, take the time to find the financing options best suited for your business.
