Executive Brief- The Importance of Innovation in Business for Long-Term Success
By: David Gillespie, Florida Chamber Foundation Executive Vice President
Why is Innovation in Business Important?
The Florida Chamber Foundation remains laser-focused on being a catalyst for the Florida business community to maximize its success while driving Florida’s economy to the top 10 in the world by 2030. Our success in achieving the 39 goals outlined in the Florida 2030 Blueprint hinges heavily on business innovation. Every Florida business leader must innovate to recruit qualified talent, retain customers, and stay relevant in the long term.
In the business world of today, competition remains fierce and unforeseen challenges are inevitable; companies must be able to adapt, and sometimes overnight. The COVID-19 pandemic has taught us that certain routine operations can become obsolete in a matter of days. Additionally, your competitors are constantly innovating to gain industry advantage, and your customers – potential and current – are looking for the solutions that bring them the most value for their investment at the time of need. Long-term loyalty is starting to become a concept of the past.
As we look to 2030 as our true north and to illustrate the importance of business innovation to remain relevant, we thought it would be interesting to compare Fortune 500’s top 10 lists (by revenue) for 2012 vs 2022. Kudos to our Florida Chamber Foundation Trustee Walmart for taking the #1 spot!
What a difference 10 years can make. So much has happened between 2012 and 2022 – a global pandemic, recession, inflation, wars overseas, and many other unforeseen business challenges. However, the concept here seems pretty clear; the businesses that remain ahead are the ones who think ahead.
5 Tips for Adopting Innovation in Your Business
Considering all the unpredictable factors businesses face, there are steps that can be taken to mitigate negative impacts while maximizing the opportunity for long-term success.
- Embrace technology as a means to drive success – from new software to business automation, there are numerous ways technology can be incorporated into your business to help improve the customer experience and internal processes. Be open to exploring new solutions for old problems.
- Innovate your workflows– innovation doesn’t always have to be about adopting new technology, it can simply be about taking an audit to ensure your workflow processes are still efficient. Survey your employees at least bi-annually to share pain points and affirm what’s working.
- Foster a culture of creativity – many businesses rely on the expertise of their leadership and upper management teams to set the course, but all employees contribute to your company’s success and are leaders in their areas of contribution. Consider adopting an open forum in which employees can submit ideas for enhancing your customer experience and internal workflows.
- Engage your customers – are you surveying your customers at least annually to gain insight into their experience with your brand? If not, you should be. In addition to asking them about their brand experience, consider asking them what would make it better. This helps jumpstart your efforts to innovate to stay relevant. Remember, although there are some evergreen business solutions that work, most customers are looking for a novel experience. How can you stand out from your competitors when they are exploring other options?
- Register for the Florida Chamber Foundation’s 2022 Florida Technology & Innovation Solution Summit on August 31 in Tampa – Is your business ready to thrive in the 2030 economy and beyond? Innovation is easier said than done, but by hearing from and connecting with your Florida business peers who are already making bold moves in innovation, you can get started on the right track. Even if you have a pretty good business innovation IQ, it’s important to collaborate with other innovative leaders on ways to elevate your efforts. Register today and enjoy 10% off in-person registration using promo code FDN2022.
To learn more about the Florida Chamber Foundation’s efforts to unite the Florida business community on the road to 2030, please feel free to contact me directly at 850-521-1254 or dgillespie@flchamber.com.