Should we hope for the best or Innovate for better?

In our market of Alberta Canada, it has been a challenging time over the past 18 months or so.  Low oil prices and a transition to new provincial and federal governments have stifled growth and sadly it has challenged optimism for many businesses.

Some are doing well. Some businesses are really struggling...Some are just holding their own. Many are "hoping" things will get better. Should we hope for the best?

Hope is defined as "a feeling of expectation and desire for a certain thing to happen", or to "want something to happen or be the case." We all need hope in our life and business, but hope does not win the day and cover payroll and operating expenses. As business owners and leaders, we need to do more than hope for the best!

Innovate:  "making changes in something established, especially by introducing new methods, ideas, products or services." To be innovative and creative in times like these, or any time, for that matter, is key to moving your business forward.  The same old, same old, may not work any longer.

"Innovation is cheaper than competition" -Dan Sullivan, Strategic Coach

What can you do to innovate in your business? While you and your team can brainstorm a list of ideas, here are a few examples to get you started:

• New product and service offering?
• Demonstrate Value to your customers in new and different ways.
• Collaborate with other business leaders and industries. 
• Review your current pricing strategies. 
• Try something innovative (even a small step can make a difference).
• Engage your team in the innovation discussion (they have ideas).
• Rebrand your business.
• Think 2-3 years out.  What would an ideal future look like for your business?  Start moving in that direction and believe that you can get there.
• Ask for help or advice from industry experts or business advisors.
• Leverage available grants and programs to support your innovation.     (Click on the grants and programs links for valuable examples)

"If you want something new, you have to stop doing something old."                      -Peter F. Drucker

------------------------------------------------------------------------------------------Mike Mack is the Founder & President of X5 Management.  X5 is an Alberta, Canada-based Professional services firm that specializes in improving sales and service for businesses by developing tailored Sales & Service Programs to suit your specific business needs. (Programs may include Business Consulting, Training & Development support, or Coaching Services).  Mike holds an MBA from Athabasca University and is a Member of Canadian Association of Professional Speakers).  Author, REMARKABLE SERVICE – Be the Business Everyone’s Talking About.