With ever-changing consumer demands and an endless stream of new technology, innovation is so critical to the survival of any business that it should be built into your company's culture.
This was the message delivered by Rick Kroetsch, program head of entrepreneurship, British Columbia Institute of Technology (BCIT) School of Business, in a Learn, Network and Grow event hosted by the Vancouver Board of Trade.
Both donor companies and non-profits alike need to be prepared to continually adapt and alter their business models in order to stay alive, but it isn't as simple as just keeping up with the competition.
In order to have a chance of sticking around, Kroetsch explained, there are several key points to keep in mind:
1. Ask yourself, "What can we do a little differently?"
This is the first step in determining what will lead to the creation of better products or more effective processes or services. It is your job to know the future and see what customers want before they realize it.
2. Innovate more, invent less
Innovation is not the same as invention, and it is not necessary to change the world in order to make a contribution. Small differences can produce big results, and it would be a mistake to assume you need to reinvent the wheel to be successful.
3. Forget market surveys
You don't even know your future market. If you rely on customers to tell you what they are looking for, they will want something else by the time you give it to them. Kroetsch quoted the adage commonly attributed to Henry Ford: "If I had asked people what they wanted, they would have said faster horses."
4. Be prepared to be hated
Get ready to be told you are wrong. Resistance is inevitable, and you must try to be immune to rejection. When you make mistakes, admit them quickly and move on to the next step.
5. Don't just look at what the competition is doing
Realize most of the change affecting your company will come from outside your industry.
6. Get the entire organization on board
Organizations can adapt only if everyone is on board, and it takes strong leadership to change a company's culture to one that allows for innovative thinking. Spread the message internally and be very clear and consistent.
7. Understand that a culture of innovation does not happen overnight
Customers love change, but businesses often don't. Many employees may be able to accept new ideas but find it hard to let go of old ones. Be prepared for real change to take some time.
8. Give people the freedom to fail
Your employees need to feel free to generate and share new ideas without the fear of negative consequences if their suggestions don't always hit the mark. Penalizing them for failure will prevent future creativity and lead to disengaged staff.
9. Watch out for what may kill your innovation
Among the pitfalls, Kroetsch said, is to avoid getting any new ideas stuck in Legal or Accounting; they will never get out.
10. Realize your business has no future without innovation
Most known products, services and methods will ultimately be overtaken by new ones. It is no longer good enough to keep doing what you are doing simply because it has worked for you in the past; it is critical to keep moving.
Any given innovation is always temporary, and it is important to realize there will never be a point where your company is able to stop trying to evolve. A successful organization will keep looking and moving forward every single day.
Kroetsch emphasized that small changes can have huge results, and focusing on four small areas of innovation can be more effective than one large one.
"It doesn't have to be the God particle."
