2nd Jul 2008
See what Business Link suggests are the Top 10 tips for increasing innovation within your business.
Recreated from the article in "The Loop" - visit the Business Link website to register for free alerts.
Re-evaluate your offer. Take an honest look at your products and services and assess which are working and which are not. It could be time to review prices, dispense with lines that are not selling or introduce new products or services. Consider trends you can exploit in your market, and how your customers’ needs are changing.
Refresh your thinking. Being close to day-to-day operations without stepping back once in a while can cloud the best strategic mind. Consider coaching sessions or team up with a business mentor to reinvigorate your perspective and provide fresh insight into the direction of your business.
Listen to staff and customers. Create an innovative atmosphere by encouraging input from your team. Put up a noticeboard for ideas, organise informal brainstorm sessions or invite suggestions from staff and customers. Innovative drinks brand Innocent, for example, has a form on its website for new product suggestions.
Go green. Evidence shows that ‘green’ employers are viewed more favourably by potential recruits. A recent survey for BT revealed that more than two-thirds of staff wanted their company to take their environmental responsibilities more seriously, from recycling paper to offering car-share schemes.
Check out the competition. If you want to stay ahead, look at what your rivals are doing. Compare your performance on price, customer service and range of goods and services. This will help identify your strengths, weaknesses and areas where you can be more profitable.
Tap into new marketing trends. Keep abreast of marketing techniques by signing up to a course. Plug into online resources or see what’s happening locally – Business Links, Chambers of Commerce and trade associations all promote learning and networking events. See the full range of Business Link events here
Bring in new skills. Conduct an audit to find out what key skills are missing from your business and create training plans for your staff. Helping them develop will improve morale, performance and retention.
Make the most of technology. Could new kit increase your productivity or help you to win new business? Maybe it’s time to upgrade existing equipment or improve your online marketing – small businesses waste around £3 billion a year on websites that are virtually invisible to search engines. See our article on getting traffic to your website
Revamp your premises. Do your premises need a clear-out? Free up extra space by archiving out-of-date paperwork, sort through unnecessary stock and recycle unwanted equipment. A well-organised workplace can cut wasted time and raise productivity, and also creates a more positive environment for staff.
Streamline your systems. Are you really making the most of your time? Many business owners find themselves bogged down in paperwork but as an owner or manager, you should use your time in the most valuable way. If you are doing too much administration, consider outsourcing, or employ someone to do it for you.
There’s more about all these topics on the Business Link website.
Bedford i-lab has a dedicated Business Development Officer, Keith Purdie, who works closely with our tenants to ensure links, opportunities, advice and events are proactively created and built upon.
Business Link are also based within i-lab along with UK Trade & Investment for free, impartial buisness advice and guidance.
