Although most entrepreneurs understand the benefits of innovation, many reasons - often well-founded - prevent them from pursuing it. It may be that they are overloaded at the moment, that they don’t have enough employees or that their situation is satisfactory as it is. Does this scenario ring a bell? The problem resides in the fact that the world continues to evolve. The situation very quickly gets away from you and you see your innovative competitors take a lead which can’t be made up. On the other hand, if you become a pioneer you will enjoy the 6 following benefits.
Innovation cannot be a goal in itself. Without a clear vision and suitable action plan, it’s very likely that you will waste both resources and precious time. To increase your chances of success, don’t hesitate to partner with others. To find out more see the section entitled “How to innovate” .
What are the benefits of innovation?
1. Satisfied customers
Customers are not just price sensitive, they are also increasingly demanding. They adjust more quickly to the changing world than most companies do. They separate the wheat from the chaff themselves and opt for the brand which provides the best customer experience. In other words: successfully selling products or services which meet their needs - or exceed them - will provide you with a definite advantage. To do so, you will have to innovate.
2. Greater success with talent
It isn’t a secret: innovative companies more easily attract innovative people looking for an entrepreneur who will let them be creative. In addition, they are willing to work extra hard to meet their objective. They are personally invested in their mission to make the world more sustainable, safer, more pleasant and, therefore, better. This results in even more innovations. On the other hand, if your company does not stand out for its innovative culture, it is very likely that those candidates will slip between your fingers during your recruiting campaigns.
3. Increased effectiveness
Innovation doesn’t always have to benefit your customers. You can also improve the efficiency of your processes to reduce costs, save time and increase your productivity. Many companies take advantage of digital transformation to automate time-consuming manual tasks. In addition to technology refocusing, your organisational structure also plays a part. In other words: who does what, where and when? It is often possible to increase efficiency in this area too.
4. Taking advantage of opportunities
Rules change along with society. The public powers pay more attention to energy management, circular projects, social relations, rules to protect privacy and potential technology developments. This creates risks and opportunities for companies. Our advice: take advantage of the new measures to assist innovation to get ahead of the competition and avoid being forced to change. If you don’t, you can be sure that others will.
5. Increase your turnover
Entrepreneurs fight for every customer in most business sectors. It is, therefore, crucial that your company stand out in a positive way and create new added value for your target group, for example, by honing prices as well as by proposing innovative products, services and processes. Do you offer a better, faster or more sustainable version than your competitors? In this case, you offer visible added value. In the end, quality always wins. The result: your market share and your turnover will increase.
6. International opportunities
Companies with significant innovations generate interest beyond their local markets. Suppliers, (commercial) partners and foreign customers watch with great interest, which generates more opportunities. You can gradually extend your outlets and contact other players who will potentially support your innovation goals locally. As a result, your initial investments in innovation will really pay off.