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Why Innovation is the Key to Successful Business

innovation in small business

You may be a baby boomer who has retired from your original job, or you may be a new graduate fresh out of school, and are thinking of starting a business.   Perhaps you are flexible in that you don’t have a specific industry in mind other than you want one that is going to be solid and grow.

When choosing to start a business with this type of perception of anything goes as long as it will make money, then it means you really need to do your homework and get into some market research.   If you don’t know a lot about business this can be quite a challenge.

There are experts who keep a keen eye on what is going on in the business world, and you can learn a lot from them.

First, what is being considered as the most innovative business for the near future?   You can ask yourself this question and come up with the answers based on your own knowledge, then compare these with what the research reveals.

Technology Based:

If you guessed business evolving around internet technology as one of the most innovative then you guessed right.   However, this was an easy one because we all know how the internet has grown like wildfire and will continue to do so.

Lighting:

This is an industry that may have surprised you, but remember we are focusing on companies here and not the industry as a whole.   Although it is expected that there will be big changes in the lighting industry for the good over the next five years, an Innovative company like Lumenpulse is already ahead of the game, and has a good lead on the market.  They are using innovation to come up with new lighting offerings and this is what is going to keep them ahead of the competition if they continue in this fashion.

Food:

You would think that a large conglomerate such as Loblaws could just sit back and enjoy their success.  Their innovation is a prime example of why they are surviving and not faltering like many other large food chains.  They have perfected their skills at being able to predict trends in their niche and this has allowed them to get a step ahead.  For example, they saw the trend coming in organic foods and were set up and able to meet the demand when it skyrocked.   They also are prepared to spend big bucks in their marketing efforts when it comes to their innovative ideas.

Medicine:

Okay now this one is truly controversial, but nevertheless is what the innovative ideas behind it that has brought it to the forefront.   This is medical marijuana and the Tweed Corporation is being categorized as one of the top 15 innovative companies in Canada.

These are just a few of the niches that are hailing well through innovation.   If you are planning on opening a new business and are flexible in your industry then you need to make sure that it is innovative.

 

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Sam Seidman, CPA, CA, LPA
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