Develop a strategy for innovation
A strategic purpose and direction is vital for business, as well as the ability to respond quickly and being flexible to change.
How do I develop a strategy for innovation?
Innovation should be tied to the company strategy and built into the core competence of the business. Whilst innovation can be a modification to products, it can also mean small, internal changes to business or management processes that alter the way things are done.
Being innovative means making the time and investment in people and resources. Often, your employee resources will be your best source for developing ideas for innovation. Remember, everyone in the business has the potential to be creative! Each employee will have a different viewpoint or may come from a different background - this will also help in the variety of ideas created. Even the smallest idea can be the cause of a productivity improvement!
In order to start increasing the flow of ideas required to generate innovation in your business, there are a number of characteristics which can be addressed in your business strategy to support an innovative business culture. Find out more on our Create an innovative business culture page.
Having a responsive business strategy is important for adding value in your business. Often the most effective innovation comes from changing the way things are done.
What to do...
- Read our innovation case study: A business advisor's perspective on key aspects to consider when developing an innovation strategy.
- Read our innovation case study: Innovation the perfect fit for shoe warehouse to see how selecting the right strategy can lead to competitive advantage.
- Download our Business plan template and Business plan guide to start developing a business strategy towards innovation.
- Download our Marketing plan guide and template to develop ways of connecting with customers in driving innovation.
- See our Templates and downloads page for handy planning guides and templates.
- Contact your nearest Business Enterprise Centre for low-cost advice and support.