Successfully leveraging innovation can affect all areas of your business.  Learning and applying innovation skills can help you develop new products or services, solve problems, and improve the efficiency of your business operations.  Here are a few examples of how you can use innovation to your advantage.

1. Distinguish your Business from Competitors.  Businesses (regardless of size) can distinguish themselves from others in the marketplace by identifying and developing creative ideas.  Rather than simply following “industry standards” and creating more of the same products, apply an Innovation Strategy to develop products that set your company apart from everyone else.  Look for ways to make your products faster, more efficient or more fun to use.  Set a goal to identify problems faced by your market and create solutions to those problems.  When you implement a solution to a problem faced by everyone in your market, you will definitely stand out from the crowd.

2. Get Free Advertising.  When you distinguish yourself as an innovator (or innovative company), you attract media attention.  Think about all the free advertising today’s most innovative companies receive.  When you develop innovative products that solve industry problems or simply improve the lives of individuals, you will receive media coverage.  Additionally, you can benefit from free “word of mouth” advertising when customers share their excitement about your products with friends, family, and co-workers.  This free advertising provides a tremendous advantage to your business.

3. Attract Top Quality Employees.  Many people want to work for businesses that are making a difference in their market.  When you position your business as an “Innovator”, you get the attention of potential customers as well as potential employees.  By creating a desire in others to work for your company, you are able to pick from the best candidates when you have a job opening or are searching for a contractor.  And, since many people want to work for innovative companies, you will likely have better employee retention.

4. Streamline Internal Business Processes.  Advantages of innovation also include improving your internal business procedures.  By analyzing existing processes, you can identify problems that affect the overall operation of your company.  By applying your innovation skills to those problems, you can streamline the way your business operates.  In many situations, companies have completely eliminated several existing procedures by modifying other processes.  Innovation techniques can be applied to any process, such as internal design processes, manufacturing processes, shipping procedures, and more.

These represent just a few of the many ways to use innovation in your business.  Please share your favorite innovation examples by posting a Comment below.

Innovative ideas can occur at any time.  If you’re like me, some of your best ideas “pop” into your head at the most unexpected times.

I was talking with a friend recently who mentioned that he often comes up with his most creative ideas in the shower.  I found that interesting because I also have innovative ideas while in the shower.  I also have many creative ideas when I’m driving.

Since we all have creative thoughts at unexpected times, it is important to be prepared for those innovative ideas ahead of time.  To me, being prepared means having a way to record the innovative idea before it “disappears”.  Here are a few ways to be sure you are always prepared to record your innovative thoughts:

1. Carry a pen/pencil and paper with you at all times – get a small pad of paper and a short pencil that easily fit in your pocket or purse.
2. If you have innovative ideas in the middle of the night, keep a pad of paper next to your bed to record those ideas.
3. Use an audio recorder to quickly record your thoughts.  Or, carry a portable video camera, like the Flip video camera.  Since these video cameras also include microphones, you can use them to record your thoughts – just ignore the video.
4. Use your cell phone.  If you have a smart phone, use a note-taking application or a voice recording application.  If your phone does not have those abilities, send yourself a text message or call your voicemail and leave a message for yourself.
5. Keep a pad of paper and a pen in your car.  If I’m waiting in my car for an appointment or to pick up one of my kids, I will often use that time as a mini-brainstorming session and write down all of my ideas.
6. Put a white board in your office or other location just for creative ideas.  I have a white board in my office that is used exclusively for innovative business ideas related to my current projects.

I realize that the above ideas for recording your thoughts probably won’t work in the shower.  So, here’s an opportunity for you to innovate:  How can you record ideas while in the shower?  A water-proof white board?  Leave a comment below with your ideas.  Also, let me know about other systems you use to record your innovative ideas.