When running your own small business, we are often called to be creative and innovative. Without this ability, I have discovered it is nearly impossible to be successful, let alone stay afloat. This innovative and creative spirit is especially important to small business owners because they do not have the kind of budgets the big corporations can play with. Small business owners are required to craft new and innovative ways to get the most "bang for their buck" whether that be refurbishing old unsuccessful projects into successful ones, cutting costs without cutting corners, and of course, thinking of new ways of marketing or boosting sales.While most of the small business owners I work with do embody this innovative spirit, they often forget to foster this spirit throughout their company. To run efficiently and productively as possible, they need their entire team to be on the same creative page.In Adrian Brown's "Creativity & Innovation" he highlights five characteristics that … [Read more...] about Being Creative and Encouraging Innovation In Your Business
Encouraging innovation in business
Innovation is defined as the introduction of something new, a new idea, method, or device. The word new has several different meanings: a thing that never existed before or an old thing refurbished and made as if it were brand new, or new to you but old somewhere else. For example a newly-born baby is a person that was never in this world before. After a rigorous 8 week exercise program, Jack announced, "I feel like a new man." Jack has been around for a while on this world, but now he is ready to take on new and exciting challenges because he feels so much better about himself. Or hiring outside people for senior positions is often called bringing in new blood. The new hire has been on the world for awhile also, but in a different environment so they have different thoughts and behaviors to apply to your existing situation.· Different Kinds of InnovationIn all three cases innovation is the key to new products and services that customers want and are willing to pay you … [Read more...] about Innovation in Small Steps
The corporate environment is characterized by a number of variables: competition, dynamism, turbulence, complexity and change. All organizations must develop ability to continuously and consciously transform themselves and their contexts. Such contexts include restructuring for optimum effectiveness, reengineering key processes and streamlining functions that are able to provide a source of competitive advantage. The aim is to adapt, regenerate and most important, survive. (McLean, 2006).For a company to thrive today, strategists must find ways to increase the organization's ability to read and react to industry and market changes. They must know their goal to boost the company's strategic flexibility by recognizing disruptions earlier and responding faster. Strategic flexibility or adaptability can be defined as the organization’s capacity to identify major changes in its external environments, quickly commit resources to new courses of action in response to such changes, … [Read more...] about Forces and Trends in Business
The Greatest Day in History...Today is the greatest day in the history of the world! That statement sounds optimistic because it sounds promising and it feels good to say it. That statement is often said in the context of today being the first day of the rest of your life and one is appreciative. Such appreciation should never go unattended, as it is real. However that statement is not a statement at all nor is it optimistic. "Today is the greatest day in the history of the world" is not a proclamation of promise. It's a declaration of truth. The history of the world has been one of women's suppression and struggle and though that still continues, today is better than any other day before. Today, women have power unlike never before and the power grows. Power is not something someone gives you; power is something one must take. Women have taken this power and by way of reasonable measures. Aristotle believed that at his best, man is the most noblest of all animals but … [Read more...] about Women in Business
Most companies analyzing their competition focus only on the competitor they sell directly against; usually the archrival who brings the same product to the same customer as you, leading to the death spiral of price competition.Yet there are five other competitor types you might never see in the customer's office, but their effects are felt every day. Advance knowledge of who these other competitors are prevents your company from being blind sided by the same events that can demolish other companies in your business. Go ahead. Try to put a name to each of the types. The pain should start about the third one.First there's the Look-alike competitor. They do exactly what you do for the same set of customers. These are the top of mind companies your sales people watch on a minute-by-minute basis. These are also the companies sales forces are most concerned about because the customer always uses them as a point of comparison. As a result of product management pressure from one side and … [Read more...] about Competitor Analysis in Business – Who are Your Competitors Anyway?