Mining for innovation: how to innovate to grow

Innovation. So sexy and alluring as a concept. So exciting. So grand. So… big business. Right? Wrong. Well, the sexy bit could be right, there is nothing sexier than a cracking idea. But innovation is not the territory of big businesses: it’s not all about driverless cars, self-washing public toilets or light bulbs that recite poetry (one of these items may not exist yet, although give it time). In fact, small businesses are just the right size, shape and attitude to really embrace innovation and grow.

So let’s start with a quick definition, just so that we are all on the same innovation page. Deloitte describes innovation as the “development of new or improvement of existing products, services or processes.”

Firstly, that has definitely made it a whole lot less sexy. There’s no mention of the Innovation Tingle, that feeling you get when you suddenly think of an idea that could really move your business forward. Or the Innovation Dance, when you start to evolve that idea and it flourishes before your very eyes which prompts to you execute a quick chair dance in celebration. But my main issue with it is that innovation is not just hiding within your products, services or processes: it can be found in every nook or cranny of your business.

One more thing to talk about before we get started. Whatever industry you are in as a small business, there will be industry norms. Industry expectations. Things that your business says, does and thinks because that is how the wider industry says, does and thinks it. Things that are the way they are because… well, often, because they just are. Banks always had High Street branches, until First Direct had the startling notion of having no branches at all. Time-pressed hairy humans had to get themselves to an actual shop to buy over-priced razors until in 2011 the Dollar Shave Club thought: hold on, this is crap. Let’s send our hirsute people cheap razors through the post instead! And the subscription shave was born. Sometimes, it is the stuff we take for granted in our business that is obscuring a brilliant idea, just waiting to be discovered. What are you assuming is ‘business as usual’ in your business that could, in fact, be ‘business as unusual’?

So, enough chat. Let’s get down to innovation business. Or, business innovation, in fact. If we work on the assumption that you can create innovation in any part of your business, let’s start by picking a place, aspect or element of your business to get creative with.

Let’s say: pricing.

Ask yourself: what is expected in my industry around pricing?

If you were a graphic designer, it might be expected that you work off a menu of prices, where for example, logo designs cost £300.

So what would be unexpected? Well, if it was really unexpected, it might mean that the logo design was absolutely free. Perhaps not the most commercially sound idea – but don’t give up on it yet. Ideas are like tiny little new-born birds, weak, fragile and yet if given a little bit of nurture and a few regurgitated worms, could really take flight.  You will be relieved to know that worms are not a crucial part of our process, because all you now need to do is ask yourself: how can I make that idea actually work for my business?

You can’t give your design service away for free – but what if it cost nothing when a client signed up for a membership type programme where a monthly flat fee got them all their design needs met?

What if instead of it being free, it was pay what the client thinks it’s worth after they have seen your amazing work? Again, this might be one step too far into the scary camp, but perhaps you can make this idea work for your business if you had a lower set fee and a ‘bonus’ payment based on pre-agreed success criteria?

What if instead of it being free, the client paid but every 50th logo project fee was donated to a charity of the client’s choosing?

And so on. One unexpected thought can reap a whole host of ideas, just keep asking ‘what if?’ and letting one idea inspire the next. Finally, create a short list and start developing up the ideas, before putting them through an evaluation.

Let’s take another quick example of expected thinking.

You are an accountancy practise. Look at the expectations in your industry around ethical credentials. Perhaps it is expected that most businesses in your industry don’t talk about their ethical credentials.

So what would be unexpected? That you put your ethical ideas front, centre and all around your accountancy firm. How might this work? What if you only work with ethically credible companies? What if we create your own benchmark to measure this? What if we ask every client to sponsor a cause close to your business’ heart. What if you plant a tree or carry out an act of ethical kindness for every VAT return you submit?

If you want to mine for innovation to help your business grow, this is a simple yet effective process to get started with. We have developed a framework to help you with this, you’ll find it in the Tool Shed. If you are not already a member of the Tool Shed, hop on over and sign up for free here, there are lots of tools in there to help you grow your business, including a tool to help you evaluate all those innovative ideas you’re going to have.

One quick tip: when you are thinking of ideas to subvert the expected, write down every idea you have, no matter how ridiculous. Don’t delve into the detail just yet, don’t let your ‘business brain’ scoff and say ‘well that will never bloody work’. Quantity is your friend here. Remember: new born, delicate birds need time to grow.

Now, I’m off to listen to my light bulb give an illuminating rendition of Phillip Larkin’s Collected Works.