Like in many areas of life, being successful in business often requires innovation. A company that is able to innovate and stay creative is usually one that provides customers with goods or services that offer true value. On the other hand, being bland or not rising above the status quo will often lead a company into stagnation and reduce its overall effectiveness. In many cases, being innovative can mean the difference between long term success and failure. 

This is particularly true for highly competitive industries where standing out from your competition is vital. When potential customers face a barrage of choices when choosing a product or service, it's often the business that has that something special or the wow factor that gets the sale. One way to stand out is to simply research your industry competitors and deliberately choose a different path.

Essentially, being innovative and being creative go hand in hand, and ultimately lead to a sense of freshness no matter what the industry is. When a company can remain innovative, it usually helps to establish a solid customer base and brand awareness. Both of which are important criteria for long term success and creating a sense of identity among competitors.

Using tools to optimize management and productivity is one way to make your business more efficient. For example, a small business owner could implement mobile to-do or organizational apps to stay on task and increase daily productivity.

Another part of being innovative revolves around adapting to an ever changing market. In a global economy, the needs of consumers can change frequently. Consequently, altering your business to meet those needs and staying current helps to keep you relevant and will ultimately save you in the long run. Much of this involves experimenting with different marketing mediums and trying techniques that your competitors haven't. Using a diversity of marketing platforms like search engine optimization, social media and even traditional offline techniques can help your business reach a larger demographic.

In addition, it's important for your business to have adequate customer service to establish and maintain relationships.  This can be done by using innovative software programs or communicating via social media.