A business can have hard working employees and excellent service and still fail. This is due to the fact that not every business idea is a good one. However, coming up with new ideas for an existing business can be difficult. To help, below are a few places to obtain the inspiration you need for great business ideas.
Your CompetitorsOne of the first places you should look is other businesses in your own industry. While you probably don’t want to come off as an imitator, putting your own spin on your competitors’ successful products and strategies can certainly pay dividends. You may also learn from what your competitors are not doing. For example, you may learn that they are not implementing social media to connect with customers. You could use this as an opportunity to gain an advantage.
Your EmployeesYour employees should also be fueling the progress of your business. Make sure that you do give them ways to propose new ideas for all facets of your company. Not using the creativity and ingenuity of your own workforce is letting valuable capital go to waste. You should also create a climate where discussion and debate is welcome. For example, you could hold meetings where new ideas are discussed. If the company culture is open enough, you may get valuable feedback on what may or may not be a good idea.
Your CustomersYou should also be using your customers as a valuable source of data on what to do with your business in the future. Traditionally, this has been done by providing customers with the means to send you direct feedback through questionnaires. With social media, however, you can obtain even more information regarding your customers’ preferences and habits indirectly. For example, you may find that many of your customers also follow a particular website. This may lead to forming a partnership with that website to help promote your products.
Your Own MindDon’t be afraid to search within yourself for the answer in addition to seeking input and information from outside parties. As a business owner, the success and vision of your company should be indelibly tied to your own passions. Use whatever creative thinking strategy that helps you produce the best ideas. This may be reading a good book, spending time in nature or even meditation to clear your thoughts before brainstorming.
Jonah Engler is a New York Entrepreneur, and believes that inspiration is one of the biggest factors of success in business.