5 things that make small businesses more innovative

As the technological revolution forges ahead, businesses face more disruption than ever before. Business models are changing and new markets are created all the time.

As small business owners, how do we make the most of this change?

There are steps each and every small business owner can take to stay on top of the tech revolution and ensure their business continues to thrive. Here are some top tips for what your business can do to be more innovative.

Use: Writing a business plan guide 

A man with his back to camera brainstorms while looking at innovative ideas laid out on a wall

1. Unleash your inner entrepreneur

Getting into an entrepreneurial state of mind is the first step to paving an innovative path. Entrepreneurs seek to make the most out of every opportunity to grow their business, are extremely agile and embrace change.

By challenging the status quo, entrepreneurs are able to develop creative solutions and find new ways of solving problems. Looking at everything you do in your business in this way allows you to see things from a different angle. Innovation becomes part of your business DNA.

2. Think about what business transformation means to you

We all have areas of our businesses we know could improve. But are there tech solutions that could transform what ‘business as usual’ means?

Transformation can be big or small. Either way it should add value to the way you operate, serve your customers or support your teams.

Whether it’s taking your business online or digitising some of your systems and processes, these opportunities and efficiencies will help you and your business become more innovative.

Read: Choose the right business structure step-by-step guide

3. Invest time in developing digital skills

When you start a new business, it’s important to invest in your financial literacy to learn the basics of accounting, payroll or investment. Now more than ever, it’s just as important to invest in your digital literacy to support your business and professional growth.

Whether it’s digital marketing, coding, website development or IT systems, it’s important to learn the basics. That way when you’re speaking to the pros you’re speaking their language, and making informed decisions about how your business gets the most out of digital tools.

Read: Improve employee innovation 

4. Get up to speed with emerging technologies

Whether it’s blockchain or bots, there’s not a single business that will be untouched by new and emerging technologies. We’re already seeing that blockchain will revolutionise the way transactions are made, and bots are changing how businesses cater to their customers.

While we don’t know what else the future will hold when it comes to artificial intelligence or technological advancement, keeping up to date with what’s going on will help you innovate and future-proof your business.

5. Connect and collaborate

It’s easy to get stuck in routine or feel isolated when running your own business. So it’s important to get out there and hear from other people who have walked in your shoes and can share valuable advice and experience.

Similarly, it’s important to connect with like-minded business owners to collaborate, share ideas and find opportunities to innovate together. That’s exactly why Digital Innovation Festival and Small Business Festival Victoria exist; to help people connect with each other and share ideas that will benefit the business ecosystem and community as a whole.

Read: Create opportunities to grow your business

Business Victoria

Business Victoria

Business Victoria