20 Jan Developing Innovation, New Products and New Solutions
As the $10.5 billion dollar consulting firm McKinsey has noted, 84% of executives say that their future success is dependent on innovation. And this is very understandable. Innovation is how you create value, and provide new products and services to your customers. And, quite simply, your innovation is your differentiator. Your differentiation is why people choose your business over another business. Simply put, it is why your business exists.
Gain the benefits of innovation for your business:
- Achieve economic growth. Your innovation enables you to position your business with a unique differentiator that will have all of your customers coming to you. How well you can meet their needs, based on your unique differentiation and innovation, will strongly influence your success.
- Grow more quickly and effectively. As Standford University has confirmed, innovation is responsible for 85% of all economic growth.
- Gain a competitive advantage. As a differentiator, your innovation is why your customers choose your business over the alternatives.
- Maximize your gain. As noted by the Global Innovation 1000, the return on investment is significantly higher for innovative organizations, including 22% growth in EBITDA (earnings before interest, taxes, depreciation, and amortization, a measure of a company’s overall financial performance). As these metrics confirm, innovative companies not only grow faster – they are more profitable than the rest.
- Make the world a better place. When you think about creating a business, and especially an innovation, you are providing more help for more people in more ways than has existed before. Whether it is in meeting previously unmet needs, helping communities, or new approaches to sustainability, it is almost always an answer to your imagination thinking “wouldn’t it be wonderful if…”. And developing that innovation, is what will bring your community to you.
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- Benefit from free resources to grow your business, customer engagement, and revenue.
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Discover More Ei.Center Insights
Over 84% of executives say that their future success is dependent on innovation. And this is very understandable. Innovation is how you create value for your customers. Your innovation is your differentiator – it is why people choose your business.
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To best position your business for growth, it’s important to be where your customers are. Today, your customers are online: engaging in social media, staying informed in news sites and blogs, and searching online when they have a need. Your digital marketing puts you in those same channels, so your best prospects can discover your business, learn about your solution, and become your customers.
An understanding of your financial position is vital to the success of your business. Using financial software is an essential component of tracking your growth. Your financial systems help you protect and grow your wealth, and the success of your business.
To become a successful entrepreneur there are key skills that your Ei.Center helps you develop to successfully grow your business. These skills will help you develop and build the business you envision, and attract and lead your team to scale your success.