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A Process for Small Business Innovation

To help your small business grow sales and profits, Conder Business Solutions has developed a unique small business innovation process. CBS LogoInnovate simply means to challenge the status quo and make changes. Challenges can be made to current products, services and processes.

The Innovation Process

What Areas of Your Business Need Innovation?

Start by determining what areas need fresh new ideas. Is it new products, services, markets or processes? Review the strengths and weaknesses of your company along with current market conditions, trends and competitor actions. This will help you determine areas of your company that need innovation.

Utilize Your Team Members

Everyone has a brain and unique points of view. Use them. Assemble your team and give them inspirational information to help them generate new ideas. This information could come from many sources: customer feedback, competitor actions, information from other industries, research articles or even nature. Have you ever read the story about how the guy came up with Velcro?

Prioritize and Vet the Ideas

You should have many ideas at this point. Choose the top 2 or 3 that sound like they could have the most positive impact. All of the other ideas are still there to be used later. Before implementing an idea, consider development costs, regulations, market feedback, team member feedback, risk and potential return on investment.

Implement the Innovation

The general areas of implementation include marketing, operations and finance. If the innovation is a new product or service, you will need a marketing plan. Changes in internal operations need to be communicated to team members. Perhaps new facilities and equipment will be required. All of this may cost money. Perhaps you will need a loan or some other form of financing.

Innovations need not be huge to have a huge impact on your company. Very few innovations result in companies like Apple, Google and Facebook. However, smaller innovations may have a great effect on your company. Perhaps an innovation to increase sales by 100% through developing a new product or service. Perhaps an innovation to increase profits by 50% through developing more efficient internal operations. Maybe, just maybe, you will have the next Google, Facebook or Apple. You never know.

Oklahoma based Conder Business Solutions has developed the System of Pi™ (Profitable ideas) that embodies this small business innovation process.

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