Ever business regardless of their size should strive to innovate.  If you’re not innovating, you’re giving a competitor the opportunity to put you out of business.  Innovation does not take place on it’s own.  It requries a deliberate effort on behalf of the chief executive.  As the chief executive you must take deliberate actions to create an environment in which innovation can thrive in your organization.

These are the top 10 things you can do to drive innovation in your small business: 

1.  ENCOURAGE IT:

You can encourage innovation by allowing your employees to take risks and don’t punish them when there is a failure.  Encourage them to try, try and try again.  Encourage them by rewarding success.  When someone come up with a great idea acknowledge them.  Give them a certain percentage of the daily work time to work on new ideas.

2.  CREATE A TEAM ENVIRONMENT:

Create a team environment by encouraging employees to work together to come up with new ideas.  Reward team efforts with financial incentives, time off, awards, etc.  When a number of people work together on an idea they are likely to come up with good ideas that are vetted and can succeed in the market place.

3.  FAST ACCESS TO RESOURCES:

Give your employees access to resources that will enable them to test new ideas.  That could be an area to work, machinery to use to test their ideas, raw materials, computers, a lab environment, etc. 

4.  FAST EXECUTION:

When a new idea has been developed move quickly to assess and implement it.  If you don’t move quickly to implement it employees may think that their efforts are not appreciated.  Some may even take the new idea and develop it on their or take to a competitor.

5.  TAKE SUGGESTIONS:

Put up a suggestion box and encourage employees to submit suggestions on how to make improvements to the business.  Read the submitted suggestions every day and provide feedback.  Employees my know that those suggestions are being read or they will not waste their time submitting them.  Give employees the option to submit suggestions ananymously or put their names on them.   

6.   BE CUSTOMER FOCUS:

Your customers are the key source for ideas on how to make improvements to your business.  Sometimes all it takes is to ask them.  Customers are more than willing to share their thoughts about your business with you.  Your repeat customers want to see you succeed, that’s why they keep coming back.  They’re a good source of information.  Ask them.

7.   SELF EXIMINATION:

Continually engage in self examination.  Never be satisfied with the status quo.  Continually re-examine your processes and your products.   Always look for new ways to do it better.     

8.   CHECK ON THE COMPETITION:

Check on your competition.  Look at the changes they are putting in place.  Even better if you could learn of those planned changes ahead of time and beat them to the punch.

9.  LOOK FOR NEW TECHNOLOGY:

Pay attention to the development of new technology.  A new technology could instantly change the way you do business.  A new technology could make it easier for someone to start a new business in your industry and become a fierce competitor to your business.  A great example is UBER.  UBER has change the transportation industry for ever.  You could embrace new technology to drive innovation and make your small business more competitive.   

10.  MEASURE INNOVATION:

You measure innovation by making it a part of the job description and annual evaluation for your employees.  You have to make innovation a item that your employees are keenly aware of.  Making it a part of their job description and evaluation sends a message that this is something you want them to pay a lot of attention to.