Get Growing: How to Incorporate Innovation Into Your Business
Over the past few years, business owners have been required to adapt and pivot to changing circumstances faster than ever. This ability to be flexible and resilient has driven innovation – both in the way we work and in what we need from employers and the businesses we support. As the landscape continues to change and things begin to settle, business owners are still required to embrace change within a moment’s notice.
This new business environment has also created a need for entrepreneurs to scan their industry landscape to find areas to incorporate innovation into their business model. Key areas to explore when searching for innovation include design thinking practices, testing a minimum viable product (MVP), and conducting customer interviews.
Design Thinking Practices With the increased focus on user experience (UX), design thinking has become even more prominent in business models of any size. The focus is to put consumers at the core of all business practices, building out a greater understanding of who the product or service is for and then creating a communication and business model that fits the needs of those individuals. This leads to innovation as it forces business owners to think about their offerings in the capacity in which the end user will have them as opposed to thinking about their product or service first and their consumer second. Design thinking also allows for creativity to take a large role in all phases of the business.
Testing an MVP Another way business owners can incorporate innovation into their business model is by first creating and testing a minimum viable product (MVP). The MVP is a product or service that has just enough built out details or features that consumers are able to test it, without having the entirety built out. This testing method grants entrepreneurs the opportunity to quickly innovate throughout the development process and incorporate their design thinking into their testing phases as well. Their MVP will be a building block for the rest of their business to grow from.
Conducting Customer Interviews While market research is an important first step in working with customers and potential customers to best understand their needs, customer interviews are also a vital step in the process. They allow business owners to directly communicate with users, whether it be through the form of a survey, focus group, or one-on-one communication, this interaction is vital for innovating throughout the business journey. The best individuals to help note areas of necessary innovation are the ones who are using the product or service.
Source: Bizjournals
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. From improving cash flow…. to increasing staff productivity…. to scaling for growth, these periods of transition — and so many more — provide both challenges and opportunities. Managed effectively, change can become a productive force for growth. The Block Group harnesses that potential, turning roadblocks into building blocks for women-owned businesses.
