[tweetmeme source=”LessonsInBiz” only_single=false]Have you ever wondered companies launch new products every now and then even though they already have a killer one which shoots their sales to the roof? Innovation is a must especially in the cutthroat business industry. Whatever size or stage your business is in, you need to be ready to revolutionize the way you run it and more often than not, revolutionizing it means repackaging your products and services.

Innovation is the catalyst to growth. Relying on best practices without having the foresight to bring about development may mean stagnation and this is unacceptable if you are looking to operate your business in the long term. The market changes every so often and not keeping track of significant changes that might influence your business sales would cost your customers attention.

If you think about it, big companies offer new, improved products and service all the time in order to attract more customers as well as to retain their current ones. Small businesses would do well to follow their path. Innovation is being competitive and a reactive approach just wouldn’t cut it. Brainstorming amongst executives is one way to ensure that ideas are forthcoming but most often than not, your employees have ideas that are out-of-the-box. Consider getting everyone involved in the innovation process.

Apart from products and services, you might also need to update your leadership practices. There are many strategic decisions you as a small business owner need to do and it all adds fuel to the company’s growth. Analyze what needs to be changed because let’s face it, there would always be something that we need to change. It might be the daily operations and even the tools we use for better business management. Whatever it is, the important thing is that we adapt to the changes and grow despite of it.