Innovation contributes to your business’ financial well-being. Unfortunately, small businesses in particular get so bogged down with day-to-day operations that innovation is ignored or initiated only when the alarm bells are ringing. By this point – it can be too late.

Exploring new ideas shouldn’t be a one-time activity done yearly or at specific intervals. The internet is we are constantly exposed to new things from all around the world. Sure, we should not be paralysed by this constant stream of new stuff. But the opposite, that is, not keeping a lookout for them can be a severe impediment on the business’ future. In this post, we share 3 simple ideation techniques you can apply frequently.

1. Review customer reviews

Today’s consumers are generous in sharing ideas, and yes complaints too. Collectively, they are a treasure chest of insights you can turn to craft new ideas. Whilst some may be a little far fetched, others are seeds you can use to germinate the next big thing for your business. So, do not simply acknowledge and reply to these reviews. Digest the more meaningful ones and brainstorm.

2. Monitor competitor activities

Instead of turning a blind eye to competitor’s new initiatives, try to understand the reason behind them. It’s quite possible you may have missed out on an emerging trend, which your competitor obviously did not. If the trend reflects an untapped or unmet consumer need, you may want to explore the feasibility of fulfilling that need. But you’ll have to ensure your solution differs from the competition.

3. Talk to suppliers

Your suppliers aren’t exclusive to you. They ‘move around’. As such, they are a good source to tap into to understand what’s hot and what’s not in the marketplace. If you have a friendly relationship with suppliers, a coffee or two can turn to moments of inspiration for the next big thing.

4. Explore ideas from other industries

Often, the most exciting innovation comes when one industry takes ideas from another, and reworks them for their own clients and customers. This ‘cross-pollination’ of ideas has seen a subscription model for toilet paper take off (Who Gives A Crap), and stylish shoes knitted in 3D from plastic water bottles (Vivaia and Rothy’s).

Keeping a close eye on your books is not just good accounting practice. It can point to the need for new ideas. Connect with us to learn how to use your books for this purpose.

Image: Rothy’s shoes, taken from Departures.com