Many industries are not glamorous. However, innovative opportunities exist in every industry. What is or will be the next Big Thing in your industry? What will revolutionize the industry, sell more products, attract more customers and take the industry to the next level? If you are a business owner, innovation often begins with you.
Innovative companies are almost always more valuable. They offer more potential and investors are especially interested in companies who own patents or use innovative methods or technology to boost efficiency, save time, improve customer service and drive profits. In short – innovation pays off over and over.
Remember –if you’re not evolving you’re dying!
When we work with a business owner to find investors to help them grow, investors are most attracted to companies that employ new technology, monitor industry trends and are constantly looking for ways to cut costs, improve performance and boost profits. They look for innovators.
If you want to maximize company value, control costs and be well positioned for future growth, or the sale of your business here are five areas where innovation pays off:
- Equipment – Attractive, well-performing companies look for cost effective ways to improve their equipment that will boost efficiencies and reduce costs. This does not mean every piece of equipment is new. However, it does mean critical equipment is up-to-date, uses new technology and operates as efficiently as possible
- Staffing – One of the biggest challenges facing business owners is staffing Innovative companies partner with colleges, universities and tech schools to identify and attract top talent. They provide competitive benefits and listen to what employees want and need. Investors will pay more for a company that has a solid team of employees, with a plan in place that provides a steady stream of new employees for future growth.
- Technology – Definitely the most rapidly changing arena in any industry. Wise business owners are always looking for new technology that would provide a competitive edge. They are not afraid to try new things and adapt to change.
- Regulations – In some States, regulations can add significant costs to business operations. Savvy business owners stay on top of potential regulatory issues and work with local, regional and national organizations to reduce the potential impact of new regulations. Most importantly, all of their equipment and procedures meets or exceeds current regulations and they have a plan to stay ahead of new regulations.
- Partnerships – Innovative business owners seek out partnerships with industry groups, customers, training programs and other partnerships that provide synergistic benefits. This could include working with: equipment manufacturers, consumer groups or others to provide input on new products or services, serving as a test platform for new industry technology, or working with colleges, universities and tech schools or other unique approaches.
If you are thinking of selling your business or need an investor to help you grow, look around your organization. Is it evolving and adapting to changes in the industry? Do you encourage innovation and new ways of doing things? Change is inevitable. The value of your business is directly linked to your ability to adapt, innovate and thrive in an ever changing world.