As we all know, the very nature of business is to be in a constant state of flux. Change is inevitable, and any successful business is always implementing changes at every level, from working methods to customer relations; this adaptation is what keeps the business afloat. The driving force behind positive, impactful change is innovation: The ability to see things as they are with a tight focus and develop new ideas that will challenge this status quo with the intention of improvement. Innovation might be messy, difficult, and sometimes even unpredictable, but it is an essential part of any business, at any stage. Sanjeev Mansotra has the details on why this is the case and how it can have a positive impact on your business.
The first way that the importance of innovation can be emphasized is through the reduction of costs. In any business, every penny counts and it’s always important to be striving towards finding more cost-effective ideas and putting them into practice. Innovation can reduce costs in a variety of ways, throughout the different components of the company.
Starting at the beginning, Sanjeev Mansotra explains that improving the means and methods of production can cut costs through the discovery of the cheapest materials and the most efficient working methods; not only this, but any amount of the resulting waste reduction will also save money. Finally, when production costs are reduced, often the actual cost of products will be reduced as well. This in turn helps keep customers happy as they are reassured that they are getting the best prices possible.
Innovation can help develop a better mentality throughout a company. In any business, taking the time to sharpen the saw goes a long way, as opposed to working harder instead of smarter. It’s always important to consider that innovation doesn’t just apply to products and materials, it very much applies to working methods as well. Put more plainly, the ‘How’ within a company needs just as much refinement as the ‘What’.
In turn, one of the dangers associated with failing to prioritize innovation is opening the door for complacency within the entire company. Sanjeev Mansotra notes that just because things are working in the present does not mean that they cannot be improved; the saw may not be dull now, but it gets duller by the moment without the application of innovation. Innovation goes hand in hand with the business principle of pushing forward and taking risks to make things better and making it a part of your business mentality is a vital step.
When a company is constantly innovating, it can build upon existing relationships in a positive way. Having cheaper production methods and the resultant reduction to product costs is only a plus for customers, as competitive prices are something they are always looking for. When working methods are optimized and refined, it can improve employee morale as their workplace improves from top to bottom. Finally, Sanjeev Mansotra highlights that the choice of cultivating innovative ideas is a way to check the pulse of the company on a regular basis; looking for ways to improve the experiences of both customers and employees requires self-evaluation, and the mere act of undergoing this process communicates to both parties that your company is invested in their well-being, committed to keeping them happy by finding better ways to serve them.
In the world of business, no one wants to be playing keep-up. Within a competitive and sometimes uncertain market, innovation can give you an edge over your competitors, allowing you to be proactive about the direction the company is taking instead of reactionary. It’s one of the best ways to stay on top of trends, and sometimes even be creating them; not only that, but it’s also one of the best ways to build up your company’s reputation, standing out in a positive way through the different and new ideas it has.
Sanjeev Mansotra concludes that innovation should be one of the top priorities of any company, and it can have drastic effects on every component within it. Any successful business owner or entrepreneur owes it to themselves to dig deep and see what innovation can really do for their company, as it’s a risk that is most assuredly worth taking.