Innovative thinking is the key to business growth
If you're running a small business that's fairly successful, you probably aren't content just to stagnate and continue doing business the same way you always have. It's hard not to have ambition – if your organisation is running smoothly and making money on a small scale, you'll eventually start to think bigger.
Scaling up your operations is usually a lot more complicated than just taking your existing product and selling more of it.
Of course, scaling up your operations is usually a lot more complicated than just taking your existing product and selling more of it. More likely, you'll need to get creative about where that growth will come from. Will you roll out a new product? Attack a new corner of the market? Open another location?
In short, finding your growth strategy requires a new, innovative way of thinking about your business.
Building a new culture of innovation
If you're really passionate about business development, you can never let your thinking stagnate – you have to always be evolving. According to the Department of Industry, Innovation and Science, the key is to create a culture built around innovation. This means always being open to new ideas. Everyone, from the founder and CEO down to the lowest level of employees, should be eager to hatch new ideas and implement them.
You also must be willing to allocate resources for innovation – time, money, manpower and more. Schedule meetings to talk about creative new growth ideas. Set aside space in the budget to execute them. You may even want to consider hiring a new executive to be your chief growth officer. The more you invest, the more you'll get out of it.
Finding the capital to support your new plan
It's not always easy to find room in the budget for the innovative new ideas you have in mind. Smart Company noted that sometimes, you have to be willing to reach out and explore new avenues of funding.
"We started thinking about the rest of the world and reaching the rest of Australia a lot faster, and we came to the realisation that without the funding, we're actually holding back what we think we can achieve," said Andre Eikmeier, founder of Vinomofo.
There are all sorts of ways to fund your plans. You can sell equity stakes in the business, or take out loans, or find sources of grant money. There are all sorts of possibilities – and if you have the help of chartered accountants to help you plan for your financial future, they're all easier to pursue.
At Wilson Porter, we have all the expertise you need to plan for future innovation. Reach out to us today and find a business development consultant who can help you map out a way forward.