If your business already obtains sizable, regular revenue; it is very easy for everyone to get complacent and become comfortable about the situation. Eventually, you will get innovation problems. It is important for you to do the right things. A good thing to consider is to get rid of any dead wood in your company. Employees are valuable assets, but only if you are able to get results. Lack of innovation may kill morale and zap your energy. It is not a good thing if you settle with underperformers. In order to maintain innovation, it is also important for you to de-emphasize deadbeat customers. They may only be interested in purchasing low margin products and buying with discounts. They may treat your team poorly and complain often. They could also make huge problems by having numerous collection requests and paying late. These people only hand around to zap your morale and profit. You should focus in employees who give you challenges and reasons to innovate. If you are facing innovation stagnation, you should look for ways to apply innovations in different areas of your business. By definition, innovation in business operation is about introducing new methods and capabilities with the aim of achieving more profit and accelerated growth. Innovation is more than just re-packaging products so you are able to improve sales and margins. There should be a system to hire quality people who have new ideas and can bring great things in your business. The bottom line is, you should make sure that there’s intellectual and functional improvement in your company.
In any business, productivity matters. If you have reached a cap in your productivity level, you should still be able to increase productivity further without buying new assets and equipments, New methods and efficiency procedures are innovations that should be introduced in your company. You should find out new ways to increase outputs and eliminate waste whenever possible. If you find new methods to reduce work hours while maintaining the same level of productivity, you should also be able to call it an innovation. You need to streamline business process and if possible, improve them. You should be able to increase margins without raising the prices. These goals could become a goldmine for many kinds of businesses. If possible, you should look for ways to plan, measure and systematize many factors in the business process. When choosing alternative new methods, you should make sure that they may come at a big cost. Your goal should be to ensure that sustainable profit and growth can be achieved. You need to have clear targets and an overall compelling messages that can be delivered to customers. With consistent and integrated effort, you should be able to produce much better ROI. If you don’t measure results, you won’t know whether you are able to achieve desired returns. In the end, you should focus more on profit and it is a good thing if you have a profit-orientated innovation. If you want to stay in business, you should make sure that you are able to make profit consistently.