innovate (verb): make changes in something established, especially by introducing new methods, ideas, or product (Oxford Dictionary)
Innovation is a term often associated with technology or research, but every business has opportunities to innovate – and should! Here are five ways that a small business can innovate to improve.
1. Effective marketing – Innovate by utilizing tech tools to manage social media and online advertising.
“Tools such as Hootsuite are incredibly useful for streamlining how business owners interact with social media. It takes what used to be 3-5 steps and brings it down to creating one post that can be shared on all platforms and has the ability to schedule posts into the future as well,” says Florence Nunn, business consultant at the Southern Arkansas University ASBTDC.
2. Retirement planning – Innovate in your financial planning to include retirement planning. Many small business owners are focused on the present and short-term operations of the business and neglect long-term planning.
Fortunately, small business owners, including sole proprietors, can choose from attractive retirement plans under the federal tax code. The time to start retirement planning is now!
3. Employee perks – Innovate to keep the staff that you have. What matters to them? Is it flexible hours, work from home, time off, higher pay, retirement, insurance, or something else?
Survey your workforce to learn more using an online survey engine such as Google Forms. Making the survey responses anonymous is even better. Replacements are scarce and expensive, so direct your time and energy toward your current team.
4. Increased cybersecurity – Innovate through cybersecurity activities that better protect your business computer systems.
The CISA and NCA recommend that you enable multi-factor authorization, create strong passwords, recognize and report phishing, and update your software to better secure your systems. See the Cyber Essentials for small and mid-size businesses.
5. Revenue production – Innovate by scaling up your business activities to generate more revenue. Are you great at selling cars? Learn the real estate business and use those skills to engage in higher-dollar deals. Too radical? A smaller step might be moving from baking cookies to creating wedding cakes.
Innovation can occur at any time and in all facets of a small business. Schedule time to proactively discuss the innovation opportunities at your company. An ASBTDC consultant can be a valuable partner in this process. Contact us to learn more.
Resources for further information
Best Social Media Management Software (Investopedia)
Retirement Plans for Small Entities and Self-Employed (IRS)
The 8 Best Free Online Survey Tools for Gathering Data & Feedback (WordStream)