Top Hurdles to Business Innovation and How to Avoid Them
Written By Chris Maslin
From tech to healthcare, finance to hospitality, every industry values innovation. Why? Because in order for a business to thrive in our ever-evolving world, it must find ways to keep up—to create new value, boost growth and increase productivity. In other words, it must cultivate change and drive innovation. But in order for companies to drive innovation—to introduce new (or improved) products, services or practices—they must overcome a handful of obstacles.
Here, we’ve compiled the top three hurdles that have been known to stump even the most creative companies and what you can do to avoid them.
Lack of Time
The number one barrier to innovation, time is something most of us can never seem to find enough of. But when it comes to driving innovation, carving out a few hours every week to set goals and work toward them is a must. Think of time as one of your greatest assets and choose to invest in it—especially if you don’t have a team dedicated to research and development.
There’s no doubt about it, lack of incentive negatively impacts innovation. When employees don’t feel engaged at work, and eager to see your company succeed, they’re not likely to spend valuable time working toward innovation. Especially because most employees consider their day-to-day responsibilities their first—and sometimes only—priority. But that doesn’t have to be the case if you create a system that rewards innovation. From bonuses and additional days off to promotions and recognition, incentives run the gambit. Try experimenting with a few and implement the ones that work best for rewarding your organization.
Fear of Change
At its core, innovation requires change—sometimes a little, sometimes a lot. But leaving your comfort zone to embark on something new and uncertain is scary, so many of us stay put. That’s why educating yourself and your employees about the importance of innovation is crucial. Oftentimes, employees just need a little reassurance that change is a good thing and failure isn’t a bad thing before they commit to innovating.
From conquering fear to investing in time, ensuring your company is driving toward innovation starts with recognizing and overcoming a few all-too-common barriers. If you’re ready to cultivate change and work toward innovation, attend one of workshops where we’ll help elevate your leadership direction.