Welcome to At The Sharp End – Yorkshire’s weekly business innovation show, where we believe innovation is the key to business growth.
In today’s episode Ian Sharp (Director, Khemeia Consulting) is joined by Jon Stephenson (Head of Business Insights, Khemeia Consulting) to talk about what is an innovative business strategy.
In this episode, you will discover:
• What is a business strategy
• How can you make your business strategy innovative
• Examples of innovative business strategies
1. Learning From GE
General Electric (GE) is a very successful global infrastructure, finance and media company. They have recently expanded from their traditional business processes and entered into the online business world.
Perhaps it’s a little surprising for a large company such as GE to innovate their business processes (having already being so successful). GE however, have innovation at the heart of their culture and thus as a result GE have enjoyed much more success via innovating its business processes.
2. Learning From GoPro
Over the last 10 years, GoPro have become infamous with extreme sports and outdoor adventures. As a result the company has accumulated nearly a billion dollars over the last 10 year- despite being late to the HD camera market.
GoPro’s monetary success is incredible but what is perhaps more incredible is how they have positioned themselves as a company. GoPro is a lifestyle not just a company.
“Life is either an incredible adventure or it’s nothing at all” – GoPro
3. Innovating Your Business Strategy
Innovating can be hard for a business that is already successful. But just like GE did, you can’t look at innovation as unnecessary change. Rather see it as evolving your business for the future.
Before trying to innovate your business strategy, you must actually know where you want your business to go exactly. Consider questions such as, do you want to go international? Do you want more than 50 staff in your business?
Be sure to catch Haroon’s Hangout LIVE Wednesday @10am GMT on Google Hangouts.
4. What is Cocoon?
Cocoon is a security application. The device enables you to monitor your house from a security standpoint. It is very easy to set up and can be controlled via an app on your smartphone.
Cocoon is so innovative, it’s dangerous. They have innovated a rather boring and un-innovated industry such as home security. This shows innovative is possible in whatever industry you’re in.
QUESTION OF THE WEEK:
This week’s question comes from Phil from Bradford.
Q: When is it the right time for a business owner to devolve responsibility and bring in expertise into the team to allow me to focus on the business growth?
Jon: Anytime is a good time to bring in an external consultant. Consultant’s can offer impartial advise without any company politics.
Ian: It totally depends on the business owner and the objectives of the business. The business objectives will tell you what decisions need to be made and when they need to be done by. That’s why we said earlier how important it is as a business owner to know the vision and future of your business.
Tune In Next Week
‘How To Deal With Difficult Staff’
At The Sharp End presented by Khemeia Consulting – where we believe innovation is the key to business growth.