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Welcome back everyone. In the sixth and final part of my blog series, I want to discuss something that affects all of our financial journeys: Superannuation. Perhaps you’re concerned about your retirement savings? Or maybe uncertain about how to make the most .....
Business - 4 min read
Innovation has become the main driver of success in business, but innovation is tricky. It’s not one straightforward concept, methodology, or idea. It’s not a static set of skills. If you were to take a course called Innovation 101, it would be nothing like Accounting 101 or Marketing 101. In fact, such a course would be different every semester as technology changes.
The key to business innovation is to combine 3 crucial elements: people, product, and process. Let’s take a look at each component:
Each person in your organisation came to you with a unique background. Even if they have similar educations, they have different experiences, different talents, and different points of view. This diversity of thought and background can give your organisation a huge advantage if you pay attention to it and use it wisely.
When you see your people as your greatest assets—and they truly are—you treat them differently and see them as essential to business innovation. Asking for ideas and feedback, creating cross-departmental teams, and giving adequate opportunity for your employees to contribute are all ways to build up your people. This will help them become the engine of business innovation for your organisation.
Consumer demand changes along with new technologies, lifestyle changes, and consumer interest. In order to stay innovative and relevant, you’ll need to evaluate your products on a regular basis and ask the following questions:
Big data and analytics can be incredibly helpful in answering these questions. Keeping track of conversations and trends among your consumers or other industry contacts on social media can also help with innovation in your products.
The process of innovation involves attention and resources. Innovation doesn’t just happen on its own. It takes initiative on the part of management as well as ongoing support. Do you have processes in place to re-evaluate your products and services on a regular basis? Have you provided ways for your employees to suggest ways to improve your current systems?
Job coaching contributes to innovation in that it opens the lines of communication between the employees in the trenches and the managers and executives with power to make decisions. If your employees don’t currently have a consistent, regular way to offer feedback and suggestions, think about how you can improves that process as well as other processes that contribute to innovation.
True business innovation incorporates people, products, and processes to keep organisations moving with the times. In our rapidly changing business world, those who do not innovate find themselves left behind. Don’t allow this to happen to your organisation. Listen to your people, innovate your products, and improve your processes.
For insight into the current state of your business' health, try our Healthy Business App by clicking below:
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
Business - 9 min read
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Altus Wealth Pty Limited ABN 55 649 956 212 is an Authorised Representative of Altus Financial Services Pty Ltd ABN 24 637 026 825 an Australian Financial Services Licensee (AFSL no. 520266). Altus Financial Services Pty Ltd is not responsible for the advice, products and services provided by Altus Accounting. Julie Azzi is a credit representative (CR No. 366834) of BLSSA Pty Ltd ABN 69 117 651 760 (Australian Credit Licence 391237).
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