How to create a culture of innovation

Posted on: August 13th, 2019 onPlatinum

Innovation is a significant driver of success within a business. In business, innovation refers to changing processes or creating more effective products, ideas and methods. It also refers to modifying business models and adapting to changes. Every business should strive to have innovation ingrained within their organisation, as a culture of innovation leads to creative problem-solving. This allows a company to adapt and grow within the marketplace. Here’s why you need to innovate and how to create a culture of innovation for your business.

Why does a business need to innovate?

• Grow your business – innovation enables businesses to scale up, take on more customers and gain a larger share of the market.
• Meet your customer needs – the needs of your customers are continually evolving. A culture of innovation will allow your business to predict changes in the market and provide your customers with the solution they need, before they even realise it.
• Stand out from your competition – chances are there are plenty of other companies that do what you do. Innovation enables you to offer uniqueness to the market and your customers, allowing you to grow and retain your existing customers into the future.
• Attract the best talent – being an innovative company means you will attract innovative people. Innovative people want to be challenged and will not be attracted to companies that lack a history of innovation. When you attract the best talent, you will be able to grow further.

Ways to create an innovative culture

• Break down innovation – by splitting innovation into models, processes, products and policies will help you achieve change far quicker than simple brainstorming sessions.
• Open communication – if you clearly communicate expectations and goals to all employees, you will set the direction for an innovative culture. Open communication will facilitate the exchange of ideas and collaboration.
• Grow relationships outside the business – relationships with people outside the business help with acquiring and distributing knowledge and ideas.
• Be open to all ideas – we’ve all heard the saying “there are no wrong ideas”, and this should be ingrained in your work culture. If employees feel like they will be judged for putting their ideas out there, they are far more likely to only share safe ideas.
• Provide frequent and constructive feedback – innovation grows through experimentation. Valuable feedback will encourage employees to think differently, combine ideas, experiment and continuously adapt their ideas.