Each Sunday our goal is to share a piece of gold with you. Some small piece of information that helps you to have a better week and achieve a better outcome.  

Innovation is the key to success in any business, but especially in small businesses that face more challenges and competition. Innovation can help small businesses differentiate themselves from their rivals, create value for their customers, and improve their efficiency and productivity.  

So how can small businesses foster a culture of innovation and generate new ideas? Here are some tips to help you innovate in your small business. 

  • Encourage creativity and experimentation. One of the most important factors for innovation is to create an environment where creativity and experimentation are valued and rewarded. You can do this by giving your employees time and space to explore new possibilities, by providing them with the necessary resources and tools, and by celebrating their successes and failures. You can also encourage them to collaborate with each other and with external partners, such as customers, suppliers, or experts, to gain new perspectives and insights.
     
  • Identify and solve problems. Another way to innovate is to identify and solve problems that your customers or your business face. You can do this by listening to your customers’ feedback, by observing their behavior and needs, and by conducting market research and analysis. You can also use techniques such as brainstorming, prototyping, or testing to generate and evaluate potential solutions. You should aim to solve problems that are meaningful and valuable for your customers and your business, and that offer a competitive advantage or a unique selling proposition.
     
  • Learn from others. There’s no need to reinvent the wheel. Instead, learn from others who have successfully innovated in your industry or in other fields. You can do this by studying best practices, case studies, or success stories of other businesses that have created innovative products, services, or processes. You can also attend events, workshops, or courses that offer inspiration and guidance on innovation. You should not copy or imitate others, but rather adapt and apply their ideas to your own context and goals. 

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Now… the funny part of this is that the copy above was written by Bing’s integration with ChatGPT. While the previous points are correct, they don’t have context of practical implementation. I bring this as an issue because of the hype going on in the world today. There are hundreds of applications for technology that can absolutely transform a business, AI being one of them.  

However, the problem is that innovation without a strong foundation to build upon simply introduces chaos into a business. Here are the top 5 things that you must get right before trying to prioritize new innovations in your business: 

  1. Get your house in order. Too many times we have seen organizations try to bring new technologies and capabilities into an environment without creating a strong and stable foundation to build upon. Much like building a house, if you don’t have a strong foundation, new technologies and ideas will introduce more chaos and potentially break processes that used to work.  
  2. Understand the security risks before making moves. Many organizations are trying to move fast into the new capabilities of AI, but not taking the time to truly know what risks may be introduced for their business. These technologies are amazing and transformative. However, they must be considered and adopted with a security-first mindset. There is a lot of risk if they are implemented improperly.  
  3. Identify the business case quickly. As you explore new technologies, make sure there is a meaningful and intentional ROI. Don’t get me wrong…I’m a big fan of cool, new shiny things! However, cool doesn’t pay the bills and these things can turn into energy thieves if we’re not careful.  
  4. Designate an owner. These technologies can do incredible things, with or without a structured plan in place. However, if many people are working without alignment, energy can be lost, and work can be duplicated. To help facilitate a smooth adoption, determine someone in your organization to own the new technology and establish processes and best practices around using it. 
  5. Have fun and be creative. We are witnessing a shift that is going to revolutionize many areas of business and our society as a whole. Don’t fight the shift…embrace it. Dream about what you might be able to do and enjoy the ride. I recently shared with some friends of mine that teachers used to push back on the idea of calculators in the classroom and spell-check being accessible to students. However, today they are both a part of our world that’s simply second nature. AI and these tools will eventually be the same (whether we like it or not). So, embrace it and make it fun!  

We are going to see shifts in business at a faster pace than ever before. Make sure you take some time to create a plan and move forward intentionally so that innovation creates outcomes that are meaningful for your business.  

The goal of AoD is to build better leaders who run better companies and change the world. Better leaders don’t just mean in the office, but at home too. If you’d like a copy of our Perfect Week Template, purchase your copy of Adapt or Die here and then go to adaptordie.com/assets to get started. I hope you enjoy it, figure out your ideal work, and make some time to innovate!