Identifying creative ideas is a great way to grow your business.  Using innovation contests and other activities, your organization can and develop a culture of creativity that generates plenty of creative ideas.  These creative ideas can be developed into innovations that provide considerable value to the business.

However, creating a list of innovative ideas is not enough.  You must take action!

Here are several ways to start taking action:

  1. Evaluate the ideas on your list. Get a group of people from different parts of your business (different job functions) and review the ideas submitted.  Perform a cost-benefit analysis on the most promising ideas.  Initially, look for ideas that can be implemented quickly and are likely to produce a significant result to the bottom line.
  2. Prioritize the ideas. Perform an initial ranking of the ideas – be sure to include ideas that are “short term” projects as well as “long term” projects that take more time or resources to implement, but can provide significant long-term growth for the business.
  3. Take steps to implement one or more of the ideas on the list. Take steps to begin implementing at least one of the ideas on your list.  The first step may be to perform further investigation into the feasibility of the idea – such as seeking input from various groups in the company to determine costs, timing, or potential obstacles to address when implementing the idea.

Track the results of the innovative ideas implemented in your business.  For example, you can track increase in revenue, reduction in expenses and customer growth.  Celebrate the positive results of your innovation to encourage further creativity and innovation.

Start building your list of creative ideas today and take action on those ideas to grow your business.