Small businesses often find themselves in a specific, niche market when first starting out. Creating new and unique products may become more difficult over time, and developing the perfect financial plan to account for long-term growth is invaluable for any company.
Therefore, innovation is at the heart of a strong business. Entrepreneurs should learn from their more-established counterparts for tips on how to produce one successful product after another, and create a company culture that promotes high morale and satisfaction.
Keep ideas coming
A number of large companies find methods to continually release a list of strong products, according to Forbes. For example, consumer goods firm Unilever constantly debuts new innovations quickly and efficiently.
The company's average value per project increased sharply in 2012, while time to market went down between 25 and 50 percent, Forbes stated. Unilever uses several tactics to make all of this work, and one of their financial tips includes a strategy for in-house product testing, achieved by offering a significant discount for employees who buy new items, then provide feedback. Many businesses hire out beta-testing – but at a substantial cost. This way, Unilever saves money and shows staff appreciation at the same time.
However, there isn't only one technique to encourage continued innovation. A small business may improve by setting a clear strategy for creativity, well ahead of time. A good financial plan could help facilitate the idea generation process, including methods to scale and prepare a new idea for development. The best big companies can assess the right level of support and resource allocation that will allow for a new product to flourish, according to Forbes.
Draft a fun company culture
The happiest employees are often the most productive, and an organizational culture might be an impediment for innovation. Therefore, a small business could increase productivity with some workplace alterations, according to Business News Daily.
Colin Day, CEO of software-as-a-service provider iCIMS, told the news source that everybody wants to be a part of a company where people are motivated, and possibly even love their jobs.
His company made some changes to raise morale, such as an internal website called iWatercooler, where staff members and management can share ideas. He added that the idea of the site was to illustrate transparency, and help employees truly understand the day-to-day workings of the business.
In addition, any small business could provide a comfortable, fun work environment, Business News Daily noted. Also ideal are fair salaries and strong leaders, both of which will help foster creativity and maintain product innovation.