BUSINESS MANAGEMENT - CREATIVITY/INNOVATION

This is the 14th of a series of newsletters published on Business Management and Management Skills. Not all topics will apply to your business, but each section will be beneficial to establish company goals and objectives. By reading and studying these newsletter articles, you’re taking the first step in achieving your goals.

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Always strive to be one step ahead of the competition by using creative and innovative ideas in your marketing and sales techniques. Research other successful businesses and notice the types of advertising and sales techniques that they’re using. Modify the ones you like to suit your specific needs.

Innovation commonly occurs in materials, methods, and markets in all types of businesses. The objective of innovation should be the creation of new or increased profit, or result in a reduction in consumption of limited resources. Investment in original innovation is the most risky of all investment options, as it requires intensive and sustained cutting-edge research. Adapting proven new innovations is much less risky.

Innovations need not always involve great new scientific discoveries. Many times innovations come from changes in the basics, such as color, ingredients, size or customer perceptions as to the benefits derived from a product or service. Innovations in mature areas can be marginal in nature but major in respect to profit enhancement. Coca Cola was a one-product soft drink maker for many years; now they have several flavors - re-innovations of the original Coke.

Remember that the use of color and graphic design (logos) are easily identifiable by the general public. Once your customers learn to associate your company with a specific color or logo, you’ll want to continue to use it in other communications.

Take advantage of other’s ideas - ask co-workers, friends, associates and family members to help you design a memorable style to be associated with your business.

Mike Holt’s Comment: This newsletter article was extracted from Mike Holt’s Business Management and Management Skills’ Workbook. Watch for our next newsletter, and as always, we invite your comments and feedback. Send us your real-life experiences. We value your opinions and participation. Please respond to Barbara at bjparks@atlantic.net And… be sure to visit Mike Holt’s Website at www.mikeholt.com.

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