Business Lifecycle

Developing a business innovation model: Four steps to a better small business

Here are four steps that can get you closer to business innovation for your product or service.

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Developing a business innovation model

Here are four steps to a better small business.

Engage your employees

Among current U.S. employee, 50 percent report not being engaged at work, while only 17 percent report being actively engaged and 33 percent being engaged at work. Engage your employees so they feel invested in innovation efforts by:

  • Training them on the business mission and why their work matters
  • Encouraging them to share ideas
  • Showing them how you use their feedback

Enhance your products

Look for ways to innovate by asking yourself:

  • How long has your top product been the same?
  • Could you bundle two products?
  • What do your customers ask for?

Improve your processes

Increase the efficeny of your processes by taking advantage of technology, catching any redundant steps and analyzing where your employees are spending most of their time.

Find funding

The SBIR and the Small Technology Transfer Research (STTR) programs set aside $2.5 billion a year to support the financing and R&D of cutting-edge technologies. More than 100,000 small businesses have received billions of dollars in research and development grants from the Small Business Innovation Research (SBIR) program.

Apply at sbir.gov to potentially get cash for your business’s great ideas.

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