To Innovate Or To Tweak? 14 Ways To Help You Decide

1. Save Innovation For Your Products, Not Your Infrastructure 

Entrepreneurs are often so focused on cutting-edge products and being first to market, that they often overlook one of the most critical components of growth. A growing company must have repeatable processes and systems in place to run efficiently. Once clear processes are in place, the company can focus on creativity and innovation, knowing that the company infrastructure is sound. – Cheryl Amyx, 4CEO, Inc.

 

2. Ask Your Customers What They Want 

While it is important for entrepreneurs to harness innovative ideas, it is just as important to obtain insights about what customers actually want. This information may point entrepreneurs to making user-centric adjustments to existing services/products, as opposed to reinventing the wheel. Profitability may not be about the groundbreaking idea, but rather about execution. – Claire Simier Karsevar, Simier Partners

 

3. Innovate Daily, But Choose Your Focus Areas Wisely 

The sheer volume of disruption facing every industry and sector forces entrepreneurs to innovate to stay ahead. While entrepreneurs should seek to incrementally innovate regularly, it should be prioritized and done thoughtfully in areas of core competencies. Entrepreneurs constantly face the “too much work, too few resources” challenge; they need to spend time and resources wisely. – Christie Lindor, The MECE Muse

4. Carefully Evaluate Each Situation Based On Circumstances, Risk And Potential 

Today, margins are tighter, competition is greater and hiring high-quality employees is at a premium, so business must produce more, faster and better, and at a breakneck speed. Should you innovate or replicate? Here are several ways to evaluate both options: Why is change needed? What’s the market state and its future? What’s your competitive advantage? What’s your risk and ROI potential? – Christine J. Culbertson (Boyle), Coach Christine

 

5. Avoiding Innovation Interruptions 

Innovation at the right time can lead to invigoration. Innovation at the wrong time is just an interruption. The right time to innovate is just before the customer demands it. Customers are the gauge for innovation. Innovation can also be learned from watching other businesses and industries. Innovation is an interruption when the customer doesn’t need it. – Ken Gosnell, CEO Experience

 

6. Market Size Dictates Need For Innovation 

Making a 10% improvement on an existing product or service for a large market segment can produce a profitable business model. Innovation is risky and can be time-consuming, not to mention expensive. If you’re going to innovate, it’s best to determine the size market that may need or want what you are creating. Timing is key: It doesn’t matter how great the innovation is if you run out of funds before the market is ready to use it. – Lynda Foster, Cortex Leadership Consulting

 

7. Analyze Your Return On Investment 

Do a simple return on investment analysis. Ask yourself: Can I improve upon this system or idea? If the answer is yes, then ask: What would the investment need to be to do that? The investment includes time, energy and resources. Then, ask yourself: What would the benefits of doing this be? Finally, look at the costs versus the benefits, and make your decision from that place. – Kristin Constable, Winning Defined By You

 

8. Be A Futurist And Get Comfortable With Change 

Entrepreneurs should be in the continual state of innovation, examining what is working and not working. I advise clients to evaluate their projects and processes once a week to ensure they stay in business. By focusing on future trends and asking the right questions, they create a culture that is comfortable with change and around for years to come. Comfort doesn’t change the world.  – Lisa Marie Platske, Upside Thinking, Inc.

 

9. Learn From What Others Have Already Done 

Innovation is exciting and entrepreneurs often prefer to start from scratch, but it’s not always necessary. There’s nothing new in this world. Many of the processes that entrepreneurs need to implement have already been tried and nearly perfected by others. Why re-invent the wheel when you can learn from their experiences? You’ll save time, money and effort, and you’ll get to market faster. – Monica Davis, Atela Productions, Inc.

 

10. Take A Continual, Ongoing ‘Stance’ Of Innovation 

The most successful entrepreneurs take an ongoing stance of innovation, characterized by openness, curiosity, courage and experimentation. Innovation doesn’t have to involve a constant (and expensive) state of significant reinvention. But entrepreneurs need to commit to an innovation mindset, which will have a thousand smaller implications on the company as it grows and changes. – Glenn Taylor, Skybound Coaching & Training

 

11. Find The Urgency, Then Innovate Around It 

Sometimes innovators are focused on what’s interesting or possible from their perspective, not from the potential customer’s perspective. To gain adoption of your new solution, you need to have a clear vision of solving a problem. So where’s the urgency in your innovation for your customer? If you can prove the need and urgency, you can find the market. Then innovate away! – Natalie Hahn, ARIA Coaching & Consulting/Dirty Girls Consulting

 

12. Follow Inspiration, Not Desperation 

If your motivation to innovate is coming from a place of inspiration and insight, follow your flow and create new products and systems. When you feel like you must keep up with everyone else, or find yourself comparing to others, take a step back. If you feel pushed to create something new from a place of scarcity or desperation, you will burn out on time, money and energy. – Hanna Hermanson, Dream Life is Real Life

 

13. Remember That Innovation Can Mean Minor Changes For Overall Enhancement 

Many mistake innovation for creating something entirely new. Innovation includes minor tweaks or additions to processes for overall enhanced business processes. Find simple ways to make your business run smoother that won’t break the bank. Technology offers many opportunities to do this with communication and task management programs. – LaKisha Greenwade, Lucki Fit LLC

 

14. When A Process Doesn’t Work, Innovate 

Strategic entrepreneurs know there is no reason to reinvent the wheel unless the process is broken or something critical is missing. They can invest their time in more productive ventures. However, when the issue becomes, “I need this and it doesn’t exist,” or “I wish there was a better way,” it’s time to drive the change. – Laura DeCarlo, Career Directors International