4 Tips for Keeping Your Business Fresh

Keeping your business fresh in today’s marketplace can be challenging.  Innovation happens quickly and if you aren’t paying attention, the market will pass you by.  What are some important principles of innovation for your business to make sure that you stay relevant and continue to create value for the market?

Creating the Right Culture

Recently, Business Week shared an excerpt of an interview that Jonathan Ive recently did with Sir Christopher Frayling, rector of the Royal College of Art.  Jonathan is the SVP of industrial design for Apple.  Jonathan talked about culture as being the most important factor in the innovation process.  If you are going to follow trends and innovate, you can’t fake it.   A culture of innovation needs to be established from the start.  If  you try and fake it, chances are your products wont be authentic and your team will not be equipped.

Putting the Right Team In Place

Jonathan Ive also talks about how critical having the right team in place is for keeping your company mission going.  Having a team that buys into what you are doing and where you are going is critical.  Team members must be working within their Soul Purpose and must be passionate about the direction they are helping your organization move in.  Then and only then will your organization be able to make a significant impact.

Don’t Innovate for Innovation’s Sake

This is another key factor at Apple.  Jonathan talks about businesses innovating just to come up with something new rather than something better.  A good question to always ask is, how does my product idea create value in the marketplace?  What problems are we solving with our product/service?

Keep Your Eye on Trends In The Marketplace

Currently the economy is not doing as well as it is has in the past (breaking news I know, isn’t that why you read this?).  As a result people are out of work at a higher rate.  Many companies have addressed this in past few months and have found ways to create value  for those that are looking for jobs.  For example FedEx Kinkos ran a promotion for free resume copies for those looking for a job.  The idea is to create value for the market who may be struggling but in the future will be back on their feet and a loyal follower.  There are other examples of companies reaching out and assisting those who have lost their jobs during the economic downturn as well.  This is just one example of assessing the market and creating offerings around what is happening.

Jonathan Ive makes a great point when he talks about why Apple is in business.  For Apple, it’s not about making money, it’s about making people’s lives better and as a result they will make  money.  The end result is creating real value for the market which is what every business should strive for.  This is what allows Apple to stay fresh.

What other tips can you add to the above list?  How have you been successful with innovation?