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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 .....
Instead of leading your business down the same worn path, look for sources of innovative opportunity. Innovation isn’t a mythical good luck charm, something that happens to fall on some people but eludes others. Instead, innovation can be systematically practiced in very much the same way management research is performed.
Back in 1985 Peter Drucker wrote a business book called Innovation and Entrepreneurship. He lays out seven sources of innovation. If you’re looking for innovation in your business, start with these seven sources.
Our modern world is changing all the time, and the changes in markets, lifestyles, and attitudes provide opportunities for innovation. Let’s say you have been tailoring one of your products to a certain market, but it’s failing to sell. The reason it’s failing might be that the market has changed and you haven’t changed with it. If you can alter your products to fit the latest needs, you can innovate to the unexpected before your competitors do.
There’s usually a gap between what “ought to be” and what “actually is,” and this gap gives you a chance to innovate. It’s easy to overlook this gap because we just get used to the difference between the ideal and the real, but if you can find ways to close this gap, you will be a hot commodity.
Most processes are imperfect, but we put up with them because there’s no other way. If you can make the process more perfect, you’ll be innovating in a way that makes people’s lives easier. For example, BaseCamp found a way to help groups of people communicate about projects. Instead of keeping track of dozens or hundreds of emails, you can see everything all at once on BaseCamp. What kinds of processes can you improve?
Disruptive innovation has changed many different markets in recent years. The status quo of many industries has changed. When cell phones first entered the market, they were for business professionals and the wealthy. Today, middle school students have their own phones. Such a shift requires innovation in marketing, consumer expectations, and research & development.
If you can analyse demographic data in a way that will help you innovate, you will stay ahead of the curve. For example, as the baby boomers begin retiring, they will have different needs and desires. Can you reach this large market at a time when they want to buy what you have to offer?
Items that were once perceived to be luxuries may now be considered necessities. This is just one perception that you can capitalise on in an innovative way. The colouring book craze is a great example. These products were perceived as being appropriate only for children until someone innovated a way to market them to adults.
Knowledge-based innovation may be the most difficult kind of innovation, but it’s an important source that affects all of our lives. Take two separate forms of knowledge and combine them to form a whole new idea, process, or product. The Internet search engine is a great example of this, and now we all use this innovation every day.
Find ways to take these sources and apply them to your industry or organisation. You may want to hold a brainstorming meeting and collaborate about how to integrate these sources into your everyday planning. Make innovation a discipline. Your innovations just might change the world. But even if they don’t, you could make a step change difference to your people , your customers and your business.
Set your business on the right path with this simple guide.
Make sure you’re on the right track with this online checklist.
© 2022 Altus Financial, All rights reserved.
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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