5 Ways to Stay Innovative and Fuel Business Growth
I stumbled upon an article that discusses 5 ways to stay innovative and fuel business growth. Here are a few good points that I wanted to share:
One of the keys to the success of any small business is continued growth. Innovation and forward-thinking are vital factors in driving the profitability of your company. So the question becomes, how do you continually move your business forward? Recognizing that you need to grow is the first step, and then the challenge becomes identifying ways to do so. In this article, we look at ways to encourage business growth and ensure you’re providing your customers with the best products and services available.
Ways you can fuel business growth
Do your research
Neil Armstrong once said that “Research is creating new knowledge,” and this can be especially true of your business. Reading industry publications and related academic research will help you stay on top of the trends, advancements and changes in your industry. Some great publications to start with are Forbes, CanadaOne, Entrepreneur and WIRED. Google Scholar is also a great research tool – it allows you to research any number of topics and provides academic articles from various outlets including The Journal of Finance, the Journal of Business Research and the Journal of Economic Perspectives.
Networking
Networking is a term those in the small business world will likely hear on a daily basis, and that’s because it’s crucial to the success of any brand. Attending industry events and tradeshows is one of the easiest ways to look for opportunities to grow and improve your business. One of the biggest benefits of networking is the opportunity for shared knowledge. These events allow you to talk to like-minded individuals working in the same industry as you are. Sharing ideas, challenges and solutions with one another may help you identify ways to improve.
Keep an eye on the competition
Networking with your competition may be important, but going a bit further than that can also help grow your business. Maintaining an understanding of your major competitors will help you ensure you don’t fall behind. Here are some items to keep your eye on when tracking your competitors:
- Company websites
- Company blogs
- Press releases
- Company newsletters
- Annual Reports
- Social media accounts
- Online and print news articles
Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at [email protected]; or call me on 0467 749 378.
Thanks,
Robert