Three Social Media Hacks for the Busy Entrepreneur
Find areas and ways to innovate in your business through research and planning:
- Conduct an analysis of the trends in the market environment, your customers’ wants and needs and your competitors.
- Consult with customers and employees for ideas on improving processes, products and services both internally and externally. Find out more about connecting with customers for ideas.
- Seek advice. Use available resources such as business advisors, grants and assistance to drive innovation in your business. This may include seeking Intellectual Property (IP) protection to commercialise your ideas. Learn more about local collaboration and international collaboration with researchers.
- Be open to new ideas and adaptive to change.
- Develop a strategic, responsive plan, which promotes innovation as a key business process across the entire business. Learn about creating an innovative business culture and developing a strategy for innovation.
- Train and empower your employees to think innovatively from the top down.
Remember, innovation is the key to competitive advantage for your business.
- Growth through innovation/creativity:
Rather than be constrained by ideas for new products, services and new markets coming from just a few people, a Thinking Corporation can tap into the employees.
- Increased profits:
The corporation will experience an increase in profits due to savings in operating costs as well as sales from new products, services and ventures.
- Higher business values:
The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
- Lower staff turnover:
This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.