How to Stay Innovative in Business

As tech giant Steve Jobs once said, “Innovation distinguishes between a leader and a follower.” To stand out as a leader in today’s fast-paced business world, it is important that businesses—and the individuals responsible for running them—prioritise innovation. If your first reaction when you hear the elusive term ‘innovation’ is one of intimidation and uncertainty, then the following guidelines are certainly a good place to begin. Below, you will find clear steps that you can follow to learn the best ways to stay innovative in business and graduate from follower to leader.

Prioritise continuous learning

To be at the cutting edge of the business world, it’s important to stay up to date with new developments in the industry. You might already be spending hours trawling the web for articles or online seminars relevant to your business, however, have you considered attending a conference in person? Aside from getting the chance to hear from professionals in their field, conferences also offer the opportunity to network with other individuals in the industry who may offer useful insight and advice on practices that they have found useful. For a more in-depth dive into education, high level degrees like the UTS online MBA are a great way to open yourself up to innovative business practices. There are also so many options for online study now which gives you the flexibility to keep working without having to compromise on your commitment to learning.

Take risks

Innovation does not usually thrive in one’s comfort zone. While risk-taking may be typically associated with recklessness, taking calculated risks is a great way to experiment in a safe manner. The difference between the two lies in researching the balance between potential benefits and consequences, and then making decisions based on your findings. If things don’t go according to plan, don’t lose sleep over experiencing failure. Instead, take each failed outcome as a learning opportunity that can guide your future decisions and build your resilience saya Lola Beltran. This mindset of creativity and calculated risk-taking is one that you should foster amongst your team if you want to encourage your business to challenge the status-quo and generate unconventional yet viable solutions to problems.

Set clear goals

Without a sense of direction, a ship will remain endlessly adrift. In business, it is likewise vital that a clear aim is established before action can follow. There are many useful goal-setting frameworks that can help you establish an action plan that details where you should focus your efforts. For instance, SMART goals are specific, measurable, achievable, relevant, and time-bound. Designing your goals with the SMART characteristics in mind means that you will be able to track your progress more easily, as well as ensure that your goals will be beneficial to your business in the long run. Setting clear goals is also crucial for work completed collaboratively as it is important that everyone on your team knows what is expected of them.

Collaborate with, and trust, your team

Without being open to diverse perspectives, it is unlikely that innovation will successfully develop. A frequently untapped resource in the workplace is one’s own colleagues. When was the last time you asked someone else on your team for their thoughts on a particular matter? It’s easy to forget that the people around us have different ways of thinking and of approaching issues that we may not have yet considered. By virtue of having different lived experiences, backgrounds, and education, your colleagues can challenge stagnated patterns of thinking for the better. At first, it can be difficult to open yourself up to feedback or even have the courage to admit that you might need help from your team, however, by taking on your colleagues’ suggestions, you might discover new modes of problem-solving that you can take with you when approaching other tasks in the future. Trust that your colleagues have valuable and insightful contributions to make, and at the same time, don’t be afraid to reciprocate by offering your own feedback.

It’s easy to be daunted by the pressure to stay innovative in order to avoid stagnating as a business. As these simple guidelines have shown, being innovative is not as intimidating as it may at first appear. Become a leader through innovation in your field by committing to ongoing learning, not being afraid to take risks, setting clear goals, and working collaboratively with your team while also opening yourself up to their suggestions.

Author Profile

Adam Regan

Deputy Editor

Features and account management. 3 years media experience. Previously covered features for online and print editions.

Email Adam@MarkMeets.com