91香蕉黄色视频

Innovation can deliver significant benefits. It is one of the critical skills for achieving success in any business. It can help you solve problems, generate profit, increase your market share and edge out competitors.

Advantages of innovation in business

Some of the key practical benefits of innovation are:

• improved productivity
• reduced costs
• increased competitiveness
• improved brand recognition and value
• new partnerships and relationships
• increased turnover and improved profitability

Innovation enables problem-solving and provides creative insight that allows you to look at things from a different perspective, regardless of whether you are developing a new product, refreshing strategy or finding an original way to stay ahead of the competition.

How you approach innovation will depend on your business. Typically, it can be an enhancement to your existing product or service, an expansion to your business or a complete change of direction - see common approaches to innovation.

Risks of not innovating

Doing something new, untested or unproven may seem risky. However, the biggest risk of all for a modern business may in fact be not innovating.

Reluctance or inability to improve your products or services may leave your business unable to compete, diversify or simply operate. Businesses that fail to innovate run the risk of:

• losing market share to competitors
• falling productivity and efficiency
• losing key staff
• reduced margins and profit
• going out of business

Innovation can be precarious but the potential benefits can be vital to the continuing success of your business. Read more on the risks and rewards of innovation.

Businesses in Northern Ireland can apply to the to receive help with, and recognition for, innovating. Simply complete the Innovate NI's online to join.

How you approach innovation will depend on your business strategy, capability and market understanding, as well as how much finance you have available.

Different approaches to business innovation

You could choose one of many approaches to innovation in your business, including:

• continuous product and process improvement
• improving your product design
• upgrading your business model - eg by offering complementary services or products
• using new technologies to add value to an existing product or service
• exploiting new technology to create a new product, service or business

Innovate NI has developed an to help you determine the level of innovation in your business. The tool will allow you to find out your position on the Innovate NI's and receive the corresponding recognition.

Importance of marketplace analysis

Innovation is not something separate from everything else your business does. Instead, to move your business forward, study your marketplace and understand how innovation can add value to your customers. See more on planning for innovation in your business.

Find opportunities for innovation

You can identify opportunities for innovation by adapting your product or service to the way your marketplace is changing. For example, if you're a specialist hamburger manufacturer, you might consider:

• modifying your existing product by lowering the fat content in your burgers to appeal to the health-conscious consumer
• identifying a completely new product, for example, you could start producing vegetarian as well as meat burgers
• introducing new technology, techniques or working practices - perhaps using better processes to give your product a more consistent quality

See examples of digital innovation in business.

If research shows people have less time to go to the shops, you could also overhaul your distribution processes, offering customers a home delivery service, alongside online and telephone ordering.

If your main competitors' products have a reputation for being cheap and cheerful, rather than trying to undercut them on price, you could innovate by revamping your marketing to emphasise the quality of your merchandise - and consider charging a premium for them.

Many innovation 91香蕉黄色视频 schemes and initiatives exist and may suit your circumstances - search for business 91香蕉黄色视频 and finance in NI.

While it is true that some innovative ideas come unexpectedly, continuous innovation usually requires thorough planning. You should ideally have:

• innovation as part of your business strategy and business plan
• a clear, strategic vision of how you want your business to develop

Innovation will not only improve the chances of your business surviving, but also help it to thrive and drive increased profits.

How to plan for innovation

To successfully plan for innovation, you have to first determine if your ideas have profit potential. You can:

• Assess the competition - find out who your competitors are and where they operate. Learn about their products, prices, operating culture, their selling points, as well as any areas you might be able to exploit. For example, if the competition is focused on value for money, you might want to emphasise the quality of your product or service.
• Study market or industry trends - awareness of the climate in which your business is operating will help you to plan. You can find a lot of information about your industry on the internet. Business and trade magazines will also feature useful articles. Find out more about market research and market reports.
• Build a relationship with your customers - it's not enough simply to know who your customer base is. You need to communicate effectively with them as well. Listen to their needs and observe their behaviour in relation to current products and services. This may help you generate ideas on how you can make improvements.
• Involve your suppliers and other business partners - pooling your resources may help to produce and develop creative ideas. Potential partnerships can also be developed through business networking opportunities. See how to learn and develop through networking.

Next, consider what taking a particular innovative step could mean for your business. Ask yourself:

• what impact it will have on your business processes and practices
• what extra training your staff may require
• what extra resources you may need
• how you'll finance the work
• whether you'll be creating any intellectual property that will need protecting

Finally, you should include your vision in your business plan by:

• putting down your goals, both long and short term and detailing how you intend to achieve them
• linking goals to financial targets, such as achieving a specific turnover by a set date
• reviewing your plan regularly

Download our business plan template (DOC, 811K) or find out how to create a business plan for innovation.

Businesses in Northern Ireland can also apply to the to receive help with, and recognition for, innovating. Simply complete the Innovate NI's online to join.

Securing the right kind of finance to fund your innovation project can be key to its success. There are many ways to fund innovation, depending on whether you are:

• starting up
• growing your business
• using your own funds
• seeking external funding, such as loans or equity finance

If you're trying to access external funding, you will need a solid business plan that describes your business and sets out detailed forecasts of where it is going. See how to write a business plan: step-by-step.

Bank finance for innovation

Businesses often turn to their banks for overdrafts or loans for additional finance, depending on their borrowing needs. But banks are often reluctant to lend money to innovation start-up businesses - especially if you have no significant tangible assets such as premises and equipment. Read more about bank finance.

Equity finance for innovation

If you're willing to relinquish some control of your business to external investors, such as business angels or venture capital firms, you could consider using equity finance.

Investors in start-up ventures will usually expect a return on their investment after between five to seven years after investment. This is usually achieved by selling either the entire business or just the investors' shares in it so that they can realise the value of their investment. See exit strategies for innovation start-ups.

You may also consider seed venture funds - locally based funds, often linked with regional strategies - or unsecured loans, for example from family or friends. See more on financing from friends and family.

Innovation grants

There is a wide range of grants available to 91香蕉黄色视频 innovation, backed by a variety of sources, including the government, district councils and academic institutions.

Find innovation, research and development grants.

Innovation Vouchers

If you need external expertise to help with an innovation project, you may want to consider applying for . The vouchers are worth up to 拢5000 and allow you to access skills and expertise from one of the 39 registered knowledge providers (eg universities and colleges) through the island of Ireland.

Typical projects include:

• developing ideas for new or improved products, processes and services
• product and service testing and validation
• access to information and expertise on new materials
• access to research and scientific expertise

In the video below, Ian Hawthorne - the owner of Hawthorne Crafts - explains how his business benefited from an Innovation Voucher.

Innovation is a complex process with many different stages and inherent risks. It will often require an investment of time and money before any positive effects become visible.

Risks of innovation

You can face several types of innovation risks in your business. Risks can be:

• operational - eg failing to meet your quality, cost or scheduling requirements
• commercial - eg failing to attract enough customers
• financial - eg investing in unsuccessful innovation projects

Read also about the Industry 4.0 challenges and risks.

As part of any innovation process, you should strive to understand, evaluate and manage risk. To reduce the risks, you can consider the following:

• Professional advice - consultants, industry professionals or contacts in business networks can provide valuable insight into your related markets. 
• Joint ventures - sharing the development process with a business partner spreads the risk, and means you can benefit from their expertise and resources. See joint ventures and business partnerships.
• Licensing - allowing somebody else to bear the risks of developing your idea in return for a fee and royalties.
• Grants - these could help to spread financial risk and allow you to develop your system to a higher quality, reducing operational risk. See innovation, research and development grants.
• Incremental innovations - looking for ways to enhance your existing offering. New ideas for low-cost opportunities may come from customer feedback, employees, or networking with other businesses.
• Ongoing research - keep up to date with market research and technological developments that may influence your business.

To find out how to identify and manage risk in your business, see managing risk.

Protecting your business and your innovations

When you innovate, it's important to protect all your business assets - not just premises and equipment, but also intangible assets such as knowledge, motivation, vision and intellectual property (IP).

Although these may be difficult to quantify, you can still protect them. You should assess what your assets may be and how you can protect them. Read more about protecting intellectual property.

Design tools and processes can generate innovative new ideas, improve business performance and help growth.

Businesses do not always require a creative element to be successful. However, while your business runs as normal, a designer can explore new and different ways of turning your ideas into real products or services.

How a designer can help you innovate

Designers can help you create and manage a strategic innovation project for your business that may:

• add value to your products and services
• stimulate sales growth
• exploit new markets

Design is about more than creating the look and feel of a final product. Designers can offer a wider variety of insights which can help your business become more innovative. Their methods and processes include:

• research - which focuses on what your customers need and want
• brainstorming - which creates lots of ideas quickly
• prototyping - which lets you check viability of your ideas early in the innovation process

These design techniques can be incorporated into the existing research and development functions of businesses of any size.

To achieve good results, it is important to involve a designer from the beginning of the project. For more information, see managing your design projects and how can I use design in my business.

You can take simple steps to boost innovation in your business and encourage your employees to come up with new ways to improve your company, products or processes. Here are some of them.

1. Make sure you have processes and events to capture ideas. For example, you could set up suggestion boxes around the workplace or hold regular workshops or occasional company away days to brainstorm ideas.

2. Create a 91香蕉黄色视频ive atmosphere in which people feel free to express their ideas without the risk of criticism or ridicule.

3. Encourage risk taking and experimentation - don't penalise people who try new ideas that fail.

4. Promote openness between individuals and teams. Good ideas and knowledge in one part of your business should be shared with others. Teamwork, newsletters and intranets can all help your people share information and encourage innovation.

5. Stress that people at all levels of the business share responsibility for innovation, so everybody feels involved in taking the business forward. The fewer the layers of management or decision making in your organisation, the more people feel their ideas matter.

6. Reward innovation and celebrate success. Appropriate incentives can play a significant role in encouraging staff to think creatively.

7. Look for imagination and creativity when recruiting new employees. Remember that innovative thinkers aren't always those with the most impressive list of qualifications.

See how to create a more innovative business: top tips.

If you're interested in introducing new technologies into your business, see also six tips for Industry 4.0 adoption.

Innovation is fundamental in growing and improving any business. But coming up with fresh ideas and turning them into successful new products or services rarely happens spontaneously. Here's what you can do to help grow your capacity to innovate and use it to drive your business forward.

1. Start small

Radical ideas and game-changing inventions are great, but if you're new to innovation, you may be reluctant to jump in at the deep end. Instead, try focusing your efforts on small, incremental changes that have the potential to improve your existing products, services or business processes. Begin by examining your business and current offering, and identifying areas where small improvements can make the biggest difference. See more on generating innovative ideas.

2. Think differently

If everyone in your industry is doing the same things the same way, think about going against the grain. Can you offer a service or a business model that isn't the norm? Gather insights from your customers, suppliers and industry experts and find an approach that will set you apart and give you a unique value proposition. Find out about researching new product and service ideas.

3. Know your market

Today's markets are constantly shifting. Consumer habits are changing, competition is increasing globally; trends, preferences and opportunities come and go. It's not easy keeping track of it all, but market research and analysis are critical to innovation success. Listen to your audience, size up the competition and continuously look for gaps in the market - you will gain valuable insight that can help you shape and tailor your products and services to better meet the needs of your customers. Here's a summary of ten things you need to know about your customers.

4. Take the initiative

In small businesses, innovation often happens because of necessity, especially when finances are low. While it may not always be possible to divert resources to full time research and development (R&D) activities, investing in R&D and technology can boost your capacity to innovate. Different types of 91香蕉黄色视频 may be available to help you grow. Read about innovation, research and development grants.

5. Create the right environment

Chances are you're stuck behind your desk, screen or on the phone most of the day busy running your business. Creativity doesn't exactly flourish in such environments. However hard it may be, it's important to create the time and the space to allow yourself to think creatively and mull over new ideas. Designate time away from the daily tasks, encourage collaboration and conversation in your business, be open to taking measured risks and share your successes and failures equally in order to learn and develop. Learn more about the new product development process.

6. Don't get discouraged

The simple truth is, not every idea will pan out. Research suggests that you need at least 50 ideas to get ten potential projects, of which only two will actually be successful, so don't get disheartened. Once you have some ideas in place, consider each for feasibility, costs, potential risks and rewards. If your best efforts don't work out quite as well as you expected, take it as an opportunity to learn and improve on your journey to success. See more on how to research and develop ideas, new products and services.

Support for innovation

Businesses in Northern Ireland can apply to the to receive help with, and recognition for, innovating. Simply complete Innovate NI's online to join.