Entrepreneurship is the skill needed by each business owner to succeed in their business, and the first entrepreneurial skill is innovation. Without innovation, you can not survive in this paperless era, and even according to me, if you don't have innovative ideas, then you are already out of the race to win the best business owner's trophy. Innovative ideas remove repetitive tasks and save both money and time. Sometimes, implementing a new idea in a stable workplace is challenging, but it is the role of the human resource administration to implement change management and support such innovative ideas, which help employees to simplify their tasks by improving their working productivity.
What Are The Budget-friendly Innovative Ideas That Boost The Business?
It is hard to change the business model from a fully manual to a completely automated one, but it is essential to update your business idea and present the old product/service as an updated one into the market to attract potential customers and retain current users. Thus, innovation is a continuous process. The following are some budget-friendly innovative ideas to boosts the business;
1. Financial score
Financial and accounting management includes bookkeeping, salary and expense management, the record of financial statements, product costing, budgeting, and other financial matters of the company. Innovative financial management divides all the stuff into three main categories; that is, treasury and capital budget management, capital structure management, and working capital management for the ease of the employees.
Additionally, the accounting and finance department earlier used a manual method to calculate each financial matter for the company, which was a time-consuming tactic. But nowadays, they are using an automated web-based payroll solution, which simplifies the calculation and removes errors. Time and cost-saving are the extra benefits of such innovative technological methodologies.
2. Set congregate goals
Innovative goals are visionary, easy to measure, simple to customize, and flexible enough to change when needed. In the past, seniors were not that serious about the short-term goals; they were just focused on the long-term objective, which was their biggest mistake. Because it is quite natural that if you cannot accomplish the short-term objective, you may fail to achieve long-term goals. The following are the tips for setting innovative goals;
- Always consider the mission and vision statement of the company while making short-term and long-term goals.
- First, define what innovation is to you. It might be a conversion of manual tasks into automated ones, changes in the reporting system, time management, record-keeping system, etc. Make a goal according to it.
- Analyze the past, then decide what to do for a successful future.
- If you are planning an innovative goal, then implement innovative activities to accomplish the pre-decided objective.
- Reviewing/rechecking the innovative goal annually is essential to make any changes and update it if needed.
3. Change promotional strategies
Actionable marketing is the only thing you need to promote your business overseas. Nowadays, the older promotional strategies, that is, TV ads, hoarding and newspaper ads, door-to-door selling, etc., are the most outdated ones. But the online promotions, content marketing, social media promotions are the most trending and innovative ones. The following are the benefits of lean promotional strategies;
- Social media platforms like LinkedIn, Facebook, Twitter, Instagram, etc., are easy and free to access. You can post a promotional message to attract an audience. The following image shows, ROI provided by various social media platforms,
- The internet allows marketers to reach the global public, and they can take benefits from the same.
- The new promotional tactics are cost-effective and time-saving ones.
- Each online platform where you post the marketing ads is measurable. This means you can measure the goals and objectives after promoting ads.
- Online platforms are helpful for compelling conversations with potential clients.
4. Actionable business model
The stereotype business model was the past of the business. In today's smart world, musty models no longer help you to survive in the highly competitive market; thus, the innovative business model is the only plan that helps you to grow your business.
With the help of the innovative business model, you can take advantage of changing consumer's needs and wants. In each step of delivering the product to the end-user, the innovative model helps to create an excellent customer value; even you can quickly solve the problems that affect the growth of the business and customer's queries.
5. Fully automated workplace
It is not a scruffy century in which the human asset works shabbily to achieve the pre-decided tasks. You might be aware of the term AI (Artificial Intelligence), which means the reflection of human intelligence into the machine that thinks and acts just like human beings. Automated working premises are the most innovative ones that save time and costs. Moreover, it increases employee's productivity and simultaneously boosts the profitability of the business.
6. Focus on trendy things
Just let the single sentence in your mind that you need to walk with time and trend if you want to survive in this highly competitive market, you need to walk with time and trend that the customers are the king of the business, we need to work upon their needs and preferences. At the same time, their needs continuously change with time, so you also need to change everything according to their preferences.
7. Improve selling skills
The following are some innovative ideas to improve the selling skill of the employees;
- Effective communication is the only thing you need to focus on while delivering the training to the employees. The trainer's body language and his gestures and postures also are the things needed to convey effective selling skills.
- Make sure that the employees of the marketing department know A to Z about the product.
- Solving consumer's queries and issues quickly is one of the parts of innovative selling techniques.
- Negotiations with the consumer are part of communication skills, and having a good command of negotiation with the prospect of the business is also a thing we can consider into trending selling tactics.
- They can use online chatbots for conversation purposes also.
- Social selling is the most famous promotion tactic nowadays. You just need to make a business page on social media platforms like Facebook, LinkedIn, Twitter, Instagram, etc. and post the ads to promote your products and services. Also, you can use a free online video editor to create promotional videos for your brand.
8. Motivate employees/teammates
Employee motivation is essential when we talk about increasing their productivity which also increases the profitability of the firm. Check out the following innovative way to motivate the employees;
- Create a friendly environment for employees so that they smile while thinking about coming to work every morning when they wake up.
- Always cheer them up and compensate them while they achieve their target. Monetary compensation or non-monetary one is up to you but rewarding them to motivate them.
- Do not forget that positive conversation is the key to motivate them. Thus, never use harsh words while communicating with them.
- Hostile competition in the working premises is prohibited, but friendly competition between employees increases their productivity by motivating them.
- Always keep in mind that do not assign them too many tasks and give them enough period for submission. If you do so, they can not focus on a single work that affects their personal growth and profitability of the business.
- Focus on employees' personal growth and career growth is the simplest and most innovative way to motivate them.
- Encouraging creativity in the working premises is another way to motivate them.
9. Kingpin workforce satisfaction
Employee turnover is the biggest problem faced by the organization nowadays. The lack of employee satisfaction in the working premises is the only thing that reduces employee turnover ratio and increases their profitability. The primary reasons for their dissatisfaction are; disrespect from senior employers, trust issues, personal security (in case of a female employee), healthy working environment, lack of employee's personal growth, delay in salary and compensation payments, etc. Thus, focus on employee satisfaction is the new trend that is useful for employee satisfaction.
10. Customized products or services
If you want to boost customer satisfaction and want to retain them for a longer period, then you need to implement the customization concept. It is a totally new and innovative concept in which you need to prepare your product/service according to the needs and requirements of your customers. Customization is one of the best ways to satisfy your customers and grow your business like never before.
11. Be result-oriented leader
As a leader, you need to be a result-oriented one who is never concerned about the way the teammates did their tasks. After assigning them a task, you need to put all the responsibility of their task on their head and let them work according to their way. You can implement this concept to motivate your employees and grow your business.
12. Improve in-house relationships
Employee-employee relations and employee-employer relationships are the keys to maintaining a healthy working environment. Thus, to thrive the business innovatively, you need to maintain in-house relationships. I know conflicts arise at each point because of various mindsets, but the quick solution to that conflict is the only thing you need to maintain a healthy working environment.
Summing Up Business Enhancement Ideas
Do not take stress; the new things you are going to do for the growth of your business are all new and innovative ideas, but just putting your hundred percent effort into each task is the only thing you need to enhance your business. According to Peter F. Drucker, "If you want something new, you have to stop doing something old." which means the thing that becomes the hurdle for innovative ideas is the older manual practices, just break up with that and implement new things.