What does success mean to you? Unpacking the value of innovation when times are tough for organisations

By Chris Ogden, CEO of RubiBlue

What defines success?

‘Success’ – Is it piles of money? Massive global growth? A solid pool of happy employees? For every company, the answer to this question differs and the reasoning behind that answer is dependent on the leader, stakeholder and business. When times are uncertain and tough, as they are in 2021, many companies are facing the very real risk that their doors may close, that they may not make it through the next 10 months. Already, many have had to struggle through the complexities of 2020 and there is no real end in sight as they continue to fight onwards into 2021. Which makes this the right time, the exact right time, to innovate.

Be solutions-driven

People – potential clients, markets and companies – are looking for solutions that will make their lives easier, make their products more affordable, or transform their own stable of solutions. With a focus on innovation, entrepreneurs can not just find the gaps, but inventive ways of plugging them. They can pivot and adapt and redefine the business – build that plane while in the air using innovation and determination to keep it flying. Innovation provides the answers that the business is looking for and now, more than ever, it is critical that leaders have an innovation mindset that defines all decisions going forward.

Small steps towards steady growth

This approach doesn’t have to be complicated. Start small, focus on simple things like how to innovate payment channels for clients so that it’s easier for them to make payments. Find ways to speed up accounting, invoicing and financing. Create small spaces within which innovation can thrive so as to optimise both the business and pathways to customer satisfaction. Innovation is a mindset that focuses on improvements – in efficiencies, customer service, internal processes, products, and so much more. It is an approach that can redefine how the business sees the future, and the road it takes to get there.

Simplification can be highly significant

Innovation is the key to the success of any business, especially during times like these. It doesn’t have to be complicated, or big or overly challenging, it needs only to open up new avenues so that the business can explore different markets and opportunities. Even if those opportunities lie in delighting your existing customer base, or in shifting basic internal processes, they can make a huge difference to the bottom line.