5 Tips to Save Your Business from Extinction
The world is changing constantly, innovating and adapting is the only way to keep up. We live in a fast paced world where technology is ever-changing. Trends can change almost instantly and its easy to get left behind. Most things in this world have an expiration date including your business. It is necessary to change and implement new strategies in order to not become outdated.
1. Stay informed
Staying on top of new tech and trends is important to the growth of any company. New tools that your business could potentially use will constantly become available. Staying up to date on these assets may give you the edge over some of your competitors.
2. Listen to your customers
Your customers often have valuable insight about your business and listening to their feedback can result in new ideas on how to improve your product. Not all feedback will be useful, online reviews in particular can be hostile and not have much real substance. However, customers will more than likely be able to critique your business in some way or another to help you improve. They have a lot of experience using your product and their ideas should not be ignored.
3. Innovative leadership
For a company to be truly innovative it must have the minds of innovative people leading it. The business must be led by forward thinking minds that are not scared of change. They must be willing to change with the times in order to not become outdated. The leaders of an innovative business must inspire their employees to try new things and not be afraid of failure.
4. Analyze the competition
This as quite an easy feat to improve your business if some of your techniques are outdated. Simply see what the leaders of your industry are doing and experiment with implementing some of their strategies. It’s important to not stray from your values and identity as a business so those principles should not be changed. However, analyzing the tools that industry leaders use is an easy way to benchmark your business to ensure that your methods are not outdated.
5. Give employees some autonomy
This is especially common in the tech industry, arguable the most innovative industry. Giving your employees some autonomy allows them to really own the work that they do and take pride in what they have created. One of the best examples of fostering innovation through autonomy is Google’s 20% time. For those that may not know this is a rule in which engineers can spend 20% of their work week on their own personal projects. A great deal of fresh, innovative products have been produced due to this 20% time.
Don’t have the time to implement new marketing strategies?
Diving into a completely new marketing campaign can be a daunting challenge. JanMar agency can help your business to adapt and implement the newest marketing tools.