How to Stay Innovative in Your Business

Innovate to stay on top of your game

Innovation is a top strategy for fostering the growth of Small and Medium-sized businesses.

When surveyed by BDC, 81% stated that they owed their success to their ability to innovate. Innovating went hand in hand with their ability to understand clients’ needs and adapt their offerings accordingly. This is consistent with the results of numerous studies on entrepreneurial success.

Just like understanding and satisfying clients’ needs, innovation is one of the strategies used by respondents in every category, regardless of their level of growth, size or location.

The ABCs of Innovation

Advice from BDC Advantage

  • Get ideas and feedback from suppliers, clients and other stakeholders.
  • Harness your employees’ creativity. They have intimate knowledge of your business and industry, and are often your best source of ideas.
  • With the help of your team, develop an innovation strategy to improve your products and services, processes, marketing strategy, business model, and supply chain. Remember to keep it up to date.
  • Don’t look for a magic formula. Instead, try to make gradual improvements. They may be as simple as changing one process, adapting a product for a new market or exploring new ways to reach clients.
  • Consider patenting your innovations and protecting your intellectual property, if applicable.

To see more tips and the full stats and details on Canadian SMEs you can download the full report from BDC here.