Business innovation is the art of crafting a new idea or process that promotes your business’ growth and profitability.

ALSO READ: Valuation roll: options if you want to appeal

Andiswa Bata suggested the below tackle innovation and stimulate growth.

Start with the purpose
Identify an intrinsic societal need that, once solved, ensures the long term sustainability of your company too.

Examples could include the provision of quality education where the cost of traditional schooling is prohibitive or the provision of safe, affordable essential goods delivery services in underserved communities.

The “new” idea itself doesn’t strictly need to be “new”
The need could already be serviced by existing businesses, but there is a way to offer it cheaper, quicker, and more conveniently. Therein lies a game-changer for small businesses that do not have the burden of legacy systems, infrastructure and cost.

Sell, sell, sell
As the idea founder, you are best placed to market the idea. It is your job to place the narrative of why your service or product is best, as the person who has probably been most passionate and invested in getting it off the ground.

Do it well. Be reliable
Keeping your promises (creates certainty and trust). Test the concept/process, iron any wrinkles, before expanding. Obtain proof of concept then scale from there.

Understand the numbers
Without profit, your business cannot function healthily and will not be able to protect itself against unbudgeted shocks like Covid-19 lockdowns or to invest in new ideas until they break even.

Embrace digital solutions
This could be as simple as marketing your idea on social media. Be aware of free, available resources that help your business to thrive.

Build a team and business that can outlive you
Understand that once your business has taken flight, you may need to hire or partner to take the business to the next level.

Diversifying revenue streams counts
New ideas take time to germinate. In the meantime, there may be a staple product or service that keeps sales up, and revenue flowing. Leaning on these in downtimes can make a difference in your business’ survival.
• Andiswa Bata is Co-Head of SME at FNB.