Free Enterprise

Coming up with new business ideas can be a difficult task, as getting into a day-to-day rut can be pretty common. However, new ideas can take your business to great levels in a short amount of time, so coming up with them is crucial to the growth and success of your business.  The following are a few ways to expand your horizons and bring new ideas to your business:

  • Customer Suggestions – One of the simplest and most rewarding ways to incorporate new ideas into your business is to listen to the suggestions of your customers.  After all, they know you best!  Ask your customers for comments, suggestions, complaints, etc. and consider each one very seriously.  Analyze your current business model and see if there is any way to implement some of the changes.  Not only will you be getting an honest 3rd party opinion, but you’ll be creating customer loyalty at the same time.  People love to see their ideas put into action and will be more likely to continue giving you their business.
  • Competitive Analysis – One of the best ways to get new ideas is to look at your competition.  See what they’re doing.  See how they are marketing their products.  See how they are creating brand loyalty.  See how they run their day-to-day operations.  While it isn’t ethical to copy their business plan, piece-by-piece, it is ok to take their ideas and personalize and incorporate them into your day-to-day operations.  You’ll stay at the forefront of your field and keep your customers happy with the up-to-date changes you’ll be making.
  • Open Innovation – Open innovation is, simply put, a public call for ideas or business solutions.  The idea behind open innovation is that businesses should no longer solely rely on their own internal development of ideas, but should strategically leverage both internal and external sources of ideas to benefit their company and help the grown of their business. Utilizing such open innovation channels must be done strategically, but can be a huge source of new ideas for your business.
  • Social Media – A great way to bring new ideas to your business is to utilize social media outlets for inspiration.  Social media lets you do all of the aforementioned ideas from your very own computer.  Use social media to connect with your customers and get their feedback, do market research on other companies in your field, and put your call for ideas and solutions out there for others to help you with.  Social media is such an important tool for businesses these days and can bring endless new ideas to your business with a little work!