One of the primary goals for any growing business is to gain the trust of customers, investors and industry partners. Once trust is built, credibility can begin to grow. Building trust begins with establishing goals that will serve the company’s demographic, and trust is maintained by accomplishing those goals. The entire process is dynamic and fluid. The nature of this work requires constant change, constant re-evaluation, and the ability to adapt to meet growing needs. This is why innovation is so important when building a business.
Innovation shows your stakeholders that your company is striving to accomplish more and contribute to the industry in a meaningful way. Gaining support to get your business off the ground is challenging, so it’s important to show your supporters what you aim to improve about the current industry standards. If you are a restaurateur, investors want to know that you are exploring new flavors and expanding the culinary experience in your area. If you are launching a corporation or organization, potential donors want to know that you are fulfilling a need in the community in a more efficient, productive way. Many businesses function in proportion to their patrons’ support, and in order to secure their trust in your product or service, it’s crucial to bring new ideas to the table.
Innovation also helps your company stand out. When your business not only introduces a quality product to the market, but also contributes thought leadership and engages in the current industry conversations, you increase credibility and trust. The world we live in is seeking improvement and transparency. Consumers and producers are constantly asking, “How can we make this better?” If your business is positioned as a power player in solutions, it will have more opportunity to thrive.
Next-step thinking connects your company to other industries as well, expanding its footprint and audience. The nature of innovation is using what is available to improve something else. This means that companies can partner with one another to build and boost awareness of new solutions, ultimately generating success for both parties. If you can develop relationships with other industries, you will have gained exposure to new audiences and created space for corporate cooperation.
Companies become empires by exploring new territory. If your product serves a purpose more efficiently, or at a lower cost, consumers will buy it. If your service offers new solutions to existing problems, clients will enlist it. In a technological world, the language of success is innovation, and the currency of the day is solutions. Small businesses have to offer something new in order to compete with the giants in their industry. While resources may be limited, next-step thinking goes a long way.
This article originally appeared on the Greater Memphis Chamber small business blog.
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