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3 Reasons Innovation Is Crucial To Small Business

3 Reasons Innovation Is Crucial To Small Business

If you are a small business owner, you might think that you are not completely affected by the digital evolution that has taken large businesses by storm. As technology changes before a company can completely adapt to it, should small businesses remain complacent? Are advanced business technology only designed for established companies? Many small business owners continue to retain traditional business processes and perhaps, unperturbed to the fact that everyone is affected by digital transformation. 

For one, going digital and having innovative edge ensures survival. Aside from saying goodbye to manual processes, businesses that realise the benefit of digital transformation when it comes to increasing productivity have gained excellent results. It is common for businesses to be in doubt especially when they are treading upon an unfamiliar territory. Everything is new and uncertain. 

Innovation does not necessarily mean stepping out of your comfort zone. Being innovative means that you strive for improvement. Fresh ideas do not necessarily equate to completely transforming a workplace into a digital zone. It only means that you are seeking a better way to keep employees, clients and customers happy. 

What happens when small businesses fail to innovate? 

You can put your company out of business:Change is the only thing constant in this world. Trends that used to be a big hit in the '80s will no longer matter today. You can only thrive if you continue to be innovative. This means you should meet consumer demands. These days, everything is done and completed instantly. Your company should play a major role in making it easy for your customers to transact. Keep in mind that the digital era combines speed and efficiency. Anything that slows down the process can turn your customers off. 

You could fall short on providing products to your customers: Customer satisfaction is essential to ensure survival. How can you guarantee that your customers will remain loyal to your company if you leave plenty of them disappointed because your supply is not enough to provide excellent customer experience? The lack of foresight will only give your customers an opportunity to consider competitors that can provide better products and services without having to worry about limited supply volume. 

You lose your competitive edge: Any game-changing innovation that used to make customers flock just to get their hands on your product or service can become non-existent if competitors continue to innovate. Just because your ideas work does not mean it will continue to dominate the industry in the coming years. You need to continuously innovate because many business predators are willing to go for the kill to stay ahead of the game. 

Tamara Deterding

Written by : Tamara Deterding

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