Five ways to bring innovation to your business

It’s a new year, those end-of-year reports have been filed and it's time to start focusing on your core business goals. Is this the year to be more innovative in your business?

It’s good to think about new innovative ways you can reach the ideal audience, but it’s not always easy to think outside the box. The team at Plus X have put together some of the most successful ways growing businesses can kickstart new innovations and develop their products or services.

1. Don't be shy, ask

Start your year by simply asking. Customer feedback and data collection on how you could improve your product or service is invaluable and could provide insight into what to focus on next. 

Typically, customers might ask for a cheaper or faster/easier to use options, but they may shine light on potential developments as well as quick fixes. Develop a plan to collect feedback and listen carefully to your audience, they are your perfect market research sounding board. Be selective and choose the feedback that you know will really improve your offering.

2. Try not to reinvent the wheel 

Being innovative doesn’t always have to be revolutionary development. Many successes come from taking an existing product or service and adapting it for a new audience. Think about Starbucks, offering a more premium product and intimate customer experience than other coffee shops at the time or Ryanair, offering a cheaper, more basic option for air travel.

Most importantly you are offering something that no one else is in quite the same way.

3. Collaborate with other leaders 

Try to avoid getting lost in your own thoughts, being a founder can be lonely sometimes. Using a sounding board to help bounce ideas off can be really productive. You’ll be surprised by the number of new ideas or fresh thinking that can come from connecting with a group of liked-minded businesses. One particular programme that can support you in this is Profitnet, delivered by the University of Brighton as part of the BRITE project. Working with your peers share expertise, addressing day-to-day challenges, holding each other accountable, developing strategies and solving problems in a confidential and professionally facilitated setting can have a really positive impact.

Profitnet is available to businesses in the Greater Brighton region, find out more here.

4. Don't do it alone; partner up

If you’re an SME, identifying the external expertise you need to tap into should be one of your top priorities. However, the obstacles like a lack of funding or inability to connect to your community can sometimes be a huge barrier.

There is a simple solution; form a strategic partnership. Forming a partnership with a larger business, university expert or even collaborating with other SMES can bring so many benefits, not only helping you to grow but also to open doors to further opportunities which ultimately gives you greater capacity to innovate.

The tricky part is to find the right partnership for you but look out for innovation programmes that can help with that, like the University of Brighton’s INSPIRE programme available at Plus X Brighton. 

5. Try something not connected to your 'to do list'

We’ve all been there, sat at the desk, creative juices running low and hitting that mental brick wall. Well, it might sound obvious but something that isn't done enough; walk away from your desk. A simple thing like getting away from your desk can help get those juices flowing again, go for a walk, try some natural spots, nature is always a great influence.

Or if you hit a creative block then try doing something creative, something tactile with your hands. Go throw a pot, paint, create some macrame, get tie-dying. Spaces like Plus X Brighton offer workshop space to members to build new projects and learn something new. You can also try any of these things at home (don’t worry it’s not about the final product you might not be the next Grayson Perry) but the process of focusing on something different could be a blue-sky moment.

Whatever is on the horizon for your business this year, make time to take a step back and try to see your product or service through a different lens. Collaborating with others or enrolling yourself in new programmes is a great way to achieve this. Innovation can’t be forced but it can be nurtured, and BRITE is one of the key resources in Brighton to help with that.

BRITE is run by the team at Plus X Brighton, sponsors of January's Chamber Breakfast. For more networking events, head over to our events calendar: 

To apply and find out more about the fully funded BRITE business innovation and growth programmes available at Plus X Brighton, visit briteinnovation.co.uk.

The BRITE project is receiving up to £5m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.

If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk