Why you should invest in innovation? This question I was asked by many entrepreneurs many times, and here I want to present the six reasons that I have given them as an answer.
Investment in innovation doesn’t automatically mean investment in the form of money. When I talk about investment in innovation, I think about two different forms of investments. For an innovation process to become in place in your company, you will need to invest money, time, human, and other resources that you have available.
Let’s see six important reasons why you should invest in innovation.
1. When you invest in innovation it will bring new business potential energy into your company.
Your business potential energy is everything that adds potential energy that can be used in increasing the performance of your company. Everything new can bring additional fresh business potential energy into your company.
New innovative products, services, or innovation in business model will differentiate your company from the others on the market that will bring the additional potential of your small business. Every time when you bring something new in your usual business processes, it will increase your business potential energy.
2. Innovation will enable the growth of your company.
Innovation in new products, services, processes, or business model that your company will use automatically means growth for your company. These innovations can bring expansions on the new market, new customers segment, additional revenue stream, and more profitability. Without innovation you will continue to work in the same way, even your current customers and potential customers want something more, something still unexpected, and something better for them.
3. Innovation will make your company more efficient company.
If your company is a company that invests and use innovation as something usual on an everyday level, then you are someone who continuously works on improvement of your current processes and implements totally new processes in order to become a more efficient company. Improvements in the current processes and creation of totally new processes are outputs from the innovation process in your company.
4. Innovation will help you in creating the innovative brand for your company.
Think for the moment about the companies that have left a strong impression on you. Who they are? What they are doing? Why they impressed you? Answer these questions and you can see that their innovativeness is something that lies deep inside their success in impressing people like you. Innovative companies attract media, people talk about their innovation and share their high impression with other people.
5. Innovation will help your company in attracting more customers.
Each word and each sentence that comes from the individuals outside your company distributes a high level of trust and reputation at the same time creating a high level of attraction for your company. When you innovate products and services that bring value to your customers, you can’t stop other people to talk about you, your company and your innovations. In such a way, you will attract much more easily much more customers.
6. When you invest in innovation it will help your company in attracting the better workforce.
Everyone wants to work for someone who brings a deep imprint on the world in which we live. Your innovativeness will not only improve your company or help you in growing, but it will also help you in attracting really powerful workforce who will help you in expanding and improving everything that you are doing now.