Several sayings tell us not to be discouraged by failures; that mistakes are part of the path to success.
Sure, successful business owners trip and stumble before succeeding. But what common traits do successful innovators have that get them over, under or through the inevitable hurdles? We unpack a few for you.
Do What You Love
Running a business requires time, energy and a great deal of hard work. It’s hard enough to see your business through the growing pains when you’re passionate about it; close to impossible if you’re not.
Passion is what turns into grit on the path to success.
For the owner of a spa, for instance, the low clientele, minimal staffing, books awash in red ink and sore hands and backs can become overwhelming.
Motivation needs to extend beyond providing massages to collecting the funds that finance your business. Freeing clients from pain and soothing stressors away are what fill a spa owner’s passion well.
When you’re passionate about your work and truly want to make a real difference in people’s lives, business innovation and success will follow.
Of course, the road to success may still be bumpy and littered with obstacles, but you’ll have the drive and determination to stay the course.
By definition, an innovator is a person who has a new idea or who changes the way something is done. Their idea stands out.
But business innovation doesn’t stop with the idea. In fact, innovation has to play a role in your company’s continued survival. When you stop being creative, your company suffers.
Consider the big-name companies in your industry and take note of their consistent innovation.
Business innovation should drive you to:
- Change your products, services or operations alongside changes in your field
- Look for efficiencies, especially by adding technology
- Find new distribution channels
- Rely on less sales support and fewer sales efforts
- Adopt lean manufacturing processes
- Uncover other revenue opportunities that don’t increase costs
What innovation doesn’t do is copy what others are doing. To be outstanding, you have to stand out. Which means looking, sounding and behaving differently than the pack.
Free Up Time
It’s easy to get so caught up in managerial tasks you’re no longer doing things that bring you joy. Without realizing it, the business of doing business could be eating away all your available time.
This is why any business innovation requires taking a serious look at day-to-day tasks and considering how you can do them differently.
Yes, you may have tried to change how things are done when you started your business. But unless that’s been in the last six months, it’s time to look again.
Tech years are the same as dog years. What seemed science fiction last year is readily available now. And that might open the door to automating some significant time chewers, such as:
- Chasing missed payments
- Booking appointments
- Sending appointment reminders
- Organizing, securing and storing documents
- Building email and text marketing campaigns
The list is endless. There’s a reason more than 45,000 companies rely on Thryv to streamline their operations. If they didn’t they’d be up to their ears in unnecessary tasks.
Clearing the decks of time-consuming, manual tasks paves a runway for further business innovation.
Honestly, the success of your company also relies on employees and colleagues who manage your company’s day-to-day operations and sales.
Your staff is your biggest asset. Your company’s productivity, profitability and client retention are the direct results of hardworking, happy employees.
Nurturing a workplace culture of happiness is vital. Your team’s mood and outlook are inescapably linked with your customers’ experience. So put in the effort to:
- Know your employees
- Listen to issues with open ears
- Be open to suggestions
- Praise employees often
- Model good leadership
Invite Business Innovation
You can’t prevent your company from struggling. But by focusing on the passion that helped you create a business, you can overcome what stands in your way.
So take a moment to reflect on how to open yourself up to business innovation instead of retreating in discouragement. And when you’re ready to take your business to the next level, Thryv will be there to help.