| I've met many business leaders and entrepreneurs | | | | "free" marketing through discussions on social media |
| that do not understand how to leverage innovation in | | | | web sites. Building a following of loyal customers also |
| small businesses. These individuals often believe that | | | | provides a source of ideas for new products and |
| business innovation is for large companies that | | | | new features - directly from the customers that will |
| employ scientists and have a large research and | | | | buy those new products or services. Ask your |
| development department. However, many small | | | | customers what features they would like to see in |
| businesses can enjoy significant benefits from a | | | | your products, and ask about new products or |
| well-designed innovation strategy. | | | | services that would be of interest to them. |
| In some cases, small businesses can do a better job | | | | When working with leaders of small businesses, I |
| at identifying and implementing innovations than a | | | | show them examples of other small businesses that |
| larger company with multiple layers of approval, | | | | have leveraged innovation to increase revenue, |
| especially for "innovative" ideas. Smaller companies | | | | reduce expenses and create a competitive edge in |
| can often act quickly to take advantage of creative | | | | their market. These examples may be from other |
| ideas and get those ideas into the market by | | | | companies in the same market or companies in |
| incorporating them into the company's product or | | | | different markets. Once the business leaders |
| service. This quick action gives the smaller company a | | | | understand the potential benefits of innovation, the |
| competitive edge when they are "first to market" | | | | next step is to educate everyone in the company |
| with a new product or a new feature. I've seen | | | | about the innovation process. An innovation disclosure |
| countless examples of a small company acting quickly | | | | program encourages all employees to submit creative |
| to implement a product innovation while bigger | | | | ideas. By celebrating and rewarding innovative ideas, |
| companies try to "catch up" with the smaller | | | | these small businesses can generate a flood of |
| company. Even when the bigger companies do catch | | | | creative ideas to grow the business. |
| up, the smaller company has established a strong | | | | If you're a small business leader or entrepreneur, |
| position by being identified as an innovator. | | | | don't think that innovation is limited to large |
| Although a company is small, they can have a | | | | companies. You can benefit from leveraging |
| following of "raving fans". These fans of the business | | | | innovation just as much (or more) than a large |
| provide valuable word-of-mouth advertising as well as | | | | corporation. I have seen it happen hundreds of times. |