Rethinking Innovation: Unleashing the Power of Transformation in our Local Small Businesses
By: Vince Killen, Executive Director at Kawartha Lakes CFDC
Innovation has long been the driving force behind progress in the business world. It has enabled groundbreaking advancements in technology, transformed industries, and revolutionized the way we live and work. Yet in the fast-paced, ever-evolving landscape of the 21st century, the concept of innovation seems to have become synonymous with technological breakthroughs. This narrow perception often leaves business and community leaders thinking there are limitations to how they can innovate their retail, consulting, or service-based businesses.
What many business owners don’t know is that when we talk about innovation, we are not referring to technology alone. There are numerous untapped opportunities for adopting innovation that many industries have yet to explore and harness. Speaking with local business owners and entrepreneurs on a daily basis, it’s becoming increasingly clear that there’s a need to (re)define the term “innovation” and demonstrate how businesses can tap into their own wealth of knowledge and capabilities to enhance their businesses the experience they offer their customers.
The changing face of innovation
The digital era has undoubtedly transformed the business landscape, but for business owners and leaders in rural communities, it is crucial to recognize that innovation encompasses a much broader spectrum.
Often, when people think of innovation, they think of groundbreaking, disruptive ideas. Understanding that incremental innovation can be just as valuable–and sometimes more sustainable in the long run–is an important factor in differentiating your business and propelling your company forward as an industry leader. When you accept that innovation doesn’t always have to mean creating something from scratch, you can unlock the most innovative solutions for your business that can drive growth, efficiency, and competitiveness.
Many lenders, grant programs, and financing companies ask their applicants to describe how their business is innovative and how the money requested will help them advance their business, increase job opportunities, and improve their offerings. When reflecting on this question, instead of focusing on the end result, consider how your business plans to innovate the process. Ask yourself the role your employees play in offering suggestions for improvements and examine whether you foster a culture of innovation within your workplace. Are you encouraging your staff to offer recommendations, request new technologies, and continue learning more about your industry? Are you seeking to build a sustainable culture of innovation in your business ecosystem or community? This deep dive into your business can help you unlock opportunities for promoting innovation in your business.
Paving the way for efficiency
In rural businesses, where resources may be limited or the old way of doing business may reign supreme, process innovation can be a game-changer. Streamlining operations, optimizing supply chains, implementing sustainable practices, or changing the way you communicate with customers can significantly enhance efficiency and productivity. For instance, adopting new digital technologies to reduce costs, increase sales and minimize environmental impacts are great examples of innovative thinking in a small rural business. Similarly, implementing Lean manufacturing principles can eliminate waste and improve overall operational effectiveness. Implementing hybrid or remote employment models can influence the way we work and play in our communities and create positive nurturing environments for families juggling a work life balance. By focusing on process innovation, small rural businesses can overcome challenges and gain a competitive edge.
Focus on collaboration and culture
Innovation thrives in an environment that encourages creativity, experimentation, and a growth mindset. By focusing on cultivating a culture of innovation in your organization, you can improve your ability to grow and adapt to changes. Encourage employees to share ideas, foster cross-functional collaboration, and provide the necessary resources to support an atmosphere of continuous improvement. Most importantly, lead by example. Empower your team to try new things, tap into the collective wisdom of others, and innovate from within.
Rural businesses often face unique challenges, but embracing these challenges and tapping into the ecosystem of support and resources can help you unlock opportunities for growth and change. Leveraging collaboration and partnerships can help you amplify your innovative capabilities. Consider forming strategic alliances with local colleges or universities, research institutions, other businesses, or ecosystems, such as the one we have at Launch Kawartha. Under our one roof, we have many local companies offering legal services, accounting, marketing, cybersecurity, and even health and wellness support–everything you need to ignite change in your organization or get started on your entrepreneurial journey. Collaborating with other businesses can unlock synergies, facilitate knowledge exchange, and accelerate innovation in areas where your resources or expertise may be limited.
Finding a new way to work
Innovation is not just limited to the technology giants of our big urban innovation hubs like Toronto or Ottawa. Rural businesses and entrepreneurs in Kawartha Lakes can harness the power of innovation by thinking differently and embracing change. With a focus on process innovation, shifting perspectives, and embracing collaboration, you can revolutionize your small business to ensure survival and growth. It’s time to redefine innovation and make your mark in building a prosperous future for yourself, your employees, and your community.
If you’re interested in speaking to one of our business advisors about your innovative ideas or would like to take a tour of our free desk space in the Innovation Hub at Launch Kawartha, contact us to get started. Let’s make something beautiful together.