Why Is Innovation Important To Your Business & It’s Growth?

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Video Transcription

Sunshine: How are you with innovating inside of your business?

Crystal: Welcome to the Love of Business. I’m Crystal,

Sunshine: And I’m Sunshine. Let’s get to it.

All right, innovation, doing it within your business. I mean, I know that you are supposed to do it. So, is that like switching up some of your things or maybe implementing a new produce or service? What do you mean by innovation?

Crystal: Yep, it could be all of those things, one or all of those things. So, what we mean by innovation is constant perpetual improvement. So, always trying to be just a little bit better than you were the day before.

Sunshine: That sounds really good, I like competing with myself that way.

Crystal: In Japan, they call it kysan and it’s part of their culture.

Sunshine: I don’t speak Japanese.

Crystal: That’s okay, you don’t have too.

Sunshine: All right. Well, what are you going to share with us today about innovation?

Crystal: One thing to always keep in mind is that if you’re not constantly trying to improve your business, whether it be in marketing, sales, delivery, admin, system, team, and overall financials, then your competitors are going to be innovating and you’ll gradually be left behind.

Now, a great example of this was Kodak, and they used to have 90% of the film market share. And then digital photography started happening and they thought, “Oh, well, that’s not going to affect us.” And they didn’t innovate to switch to digital photography. And what happened? The result was in 2012 they filed bankruptcy.

Sunshine: That’s scary.

Crystal: Yup.

Sunshine: I mean, the last thing you want to do is really be left behind because you didn’t make some incremental changes with the times.

Crystal: Yeah, and the market. Keeping your eye on what the market is doing and what your competitors are doing a little bit. But you want to stay on top of it to make sure you are always innovating and growing.

Sunshine: It just sounds so scary.

Crystal: Well, it can be if you don’t keep your eye on the ball.

Sunshine: What’s your number one takeaway from today’s video? Leave us a comment. And thanks for watching.


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