There is a saying that the devil you know is better than the angel you don’t know. You must have heard it too. It remains a relevant piece of advice in our lives today.
But I have also come to understand that this advice is not for every situation, particularly in business. You have to explore new things to stay in business. And that means getting to know those angels you don’t know and leveraging what they have to offer for the success of your business.
Generally, innovation is defined as a new and better way. Business innovation is the process of engaging new ideas and exploring methods of advancing current products and services. The goal of innovation for any business is to achieve and maintain success and to stay relevant. And if the goal is to be relevant, we know that innovation is not a one-time thing. It is more of a culture -an approach to work.
Innovation is a sure strategy for sustainable growth. It not only guarantees the growth of the company but also of the staff because everyone is challenged to think more and do more. If you hold that your current products or business model is okay, then you will remain at that level for as long as you think that. Innovation is the change that takes you upward.
Innovation helps you to stand out from other businesses. Even if you have the same products, yours should have a feature that gives you an advantage over every other provider. Competition is easy when you stand out because it is easy for customers to go with your product or service. Keep working on your product till there is no product in the market similar to it or as advanced as it is.
As the world is changing, so is the demand for products and services. One moment a product is in demand, and the next, it is obsolete. You have to innovate to stay relevant. Follow the demand trend and explore ways to develop your current products or an entirely new product.
Last year, businesses that had refused to join the train of taking their business operations online learnt the hard way when a lockdown was enforced in almost every country of the world to prevent the spread of the Covid-19 virus. And while some of them are yet to recover, some businesses witnessed record sales and customer acquisition during the same lockdown because their products and services were available to people online.
Another category is businesses that have not updated their payment methods to include more payment options for customers to choose which they are comfortable with. As payment options continue to grow, people are sticking to one or two they prefer. And when you don’t offer their payment options, you are likely to miss out on that sale and on having them as a customer. But having a payment partner fixes this for you.
Redbiller offers multiple payment methods for your customers to choose from. And you can also settle your customers instantly from your Redbiller account. Click here to learn more -Why Redbiller?
