Top 3 Reasons Preventing Business Innovation in Australia

August 10th, 2020 by admin No comments »

Deloitte Private has released a new report identifying 3 of reasons business innovation in Australia may be slower then in other economies. The Deloitte report indicates that innovation may be slower in Australia because of lack of corporate and government support, access to capital and a culture that is afraid of risk.

Deloitte partner Josh Tanchel, who coordinated the report named “Startups: Playing it Safe is the Biggest Risk” said that the panelists who took part in the report unanimously agreed about the potential and presence of innovation in Australia, but said Australia needed to get better at commercialization.

Pete Cooper, founder of SydStart, Australias largest tech start-up event; BlueChilli founder Sebastien Eckersley-Maslin, the executive general manager at the Commonwealth Bank Kelly Bayer Rosmarin; Lisa Messenger, publisher of renegade COLLECTIVE and Southern Cross Venture Partners founder Bill Bartee, where the five leaders from Australia’s start-up community that took part in the panel.

All of the panellists saw greater opportunity for Australian innovation to move forwards and to change the ways we do things. They weren’t saying there was a lack of business innovation in Australia, but that we needed to be better at commercialising that innovation”

Tanchel has been quoted saying “The attitude in the US is that failure is part of the entrepreneurial journey”. He said “Australia’s attitude to risk and failure is a major issue and Australia needs to catch up with this approach”.

Business innovation is limited because of the Australian culture, when you have failed you are perceived to have a black mark against your name. It tends to hold Australian entrepreneurs back because they are less likely to go for global ideas and settle on targeting a smaller niche. This is holding business innovation in Australia back because our entrepreneurs don’t want to fail.

This issue affects the entire business landscape in Australia and has a direct influence on the economy. Tanchel says corporate and governments need to step up to the issue and support business innovation in Australia.

Business Innovation in Australia doesn’t have to be all about taking risk, the government could step in and support investment in structured, de-risking programs like incubators and business hubs.

Tanchel’s report also indicates the importance for business innovation in Australia to support more women founders.

Business Innovation – Turning Problems Into Solutions

March 11th, 2020 by admin No comments »

Problems, Problems, Problems – Wouldn’t life be grand if we never had any problems. Everything would work perfectly, everyone would always get along and be happy, everything would be wonderful for everyone everywhere, and things would only get better as we live happily ever after.

Unfortunately, in the real world there is no avoiding the grim realities of the dark side. Viewed from a business perspective – take the number of problems of each person, multiply by the number of employees, multiply the result by every single aspect of doing business, and the final result is what keeps every business owner chewing their fingernails down to the bone.

The most commonly accepted method of solving problems is simply to remove the cause. But this method is not always as simple as it would seem. Determining the true cause of a problem can be a very complicated affair, and even if you get this right – removing the cause can just as easily create a whole new set of problems.

Wouldn’t it be nice if a business could institute policies and procedures were problems would solve themselves and the business would reap tremendous benefits in the process?

How Problems Can Solve Themselves

It’s all about turning disadvantages into advantages, which is accomplished by finding innovative ways of viewing problems from a new point of view. A simple shift in perception is all it takes to reveal a whole new range of possibilities as seen from a new frame of reference.

The Value of Business Innovation

Innovation is a buzz word bandied about the business community for quite a while now. In fact, the concept of innovation has blossomed over the years to become an entire industry unto itself.

What is business innovation? The more traditional view would characterize business innovation in terms of creating new marketable inventions. Business innovation is also commonly associated with the research and development activities involved in designing new products and services, and finding innovative ways of bringing them to market.

As the marketplace becomes ever more saturated, innovation takes on a vital role in distinguishing your products from the competition and leveraging every resource available to glean the crucial competitive advantage. The modern view recognizes the strategic value in applying business innovation in EVERY phase of a company’s infrastructure encompassing the entire scope of company business.

Establishing a Culture of Business Innovation in the Workplace

Business innovation cannot thrive within a pyramid structure were it starts at the top and spreads through an organization with diminishing intensity, reaching to near zero at the base. A more effective strategy would be to invert the flow so that business innovation starts at the base and continuously accelerates as it picks up momentum on the way to the top.

Establishing a corporate culture of innovation throughout the workplace begins with fostering proper attitude of management. Innovation is all about recognizing value in the attribute of flexibility, and welcoming the challenge of adapting to circumstances in a constant state of change.

Abolishing the Status Quo

This type of freewheeling thinking can be difficult for those accustomed to the emotional comfort and security of simply maintaining the status quo. Innovation is generally applied incrementally in small “safe” baby steps, and only to streamline established procedures rather than risking potential fallout from instituting major change. Major change usually happens only out of necessity as the old proven procedures become ineffective and obsolete.

The Hallmark of Creative Genius

Given proper training, everyone has the potential of developing the type of refined mental flexibility that is the hallmark of creative genius. Unfortunately, this kind of specialized training is not included in the standard curriculum of formal education. Education cultivates a very rigid style of thinking. As a result, the natural childlike flexibility we are all born with deteriorates out of neglect. Adults endowed with creative genius are those that have nurtured their mental flexibility by their own volition in spite of the destructive aspects of education.

Companies would be well advised to seek out these rare individuals for key management positions, not only for their own creative input but more importantly for their ability to recognize the value of innovative ideas contributed by others. These are the people best equipped to lead the effort of developing effective strategies to deploy new ideas successfully.

Even though our creativity has been suppressed, it is not completely lost. A corporate culture endorsing perpetual innovation thrives on the realization that everyone has their eureka moments of inspiration from time to time.

Removing the Impediments to Innovation

Frontline workers see a company from their own unique perspective, and rightly so since they are intimately involved every working hour of every day. They often see problems management do not, and see how certain changes could benefit the company. Many are reluctant to come forward for fear of inciting negative repercussions. Frontline staff are sensitive to the risks provoking the ire of those with power over their position in the company, not to mention their entire career.

People in management positions often harbor the notion that they are the ones that do the “thinking”, and that frontline workers are paid to work – not to think, have ideas, or god forbid – to question the validity of existing policies or procedures. Managers often view this kind of input as a challenge to their competence and authority which could threaten their own position. Corporate cultures with a rigid hierarchy create a working environment were everyone develops their own private self-serving agenda which are often out of sync with the company’s best interests. A rigid hierarchy tends to stifle innovation leaving substantial opportunities lost by the wayside.

A critical factor in cultivating a culture of business innovation is removing intimidating fear factors endemic to the more common authoritarian culture so that staff can genuinely feel free to contribute ideas. Indeed contributing new ideas should be encouraged and staff should be rewarded for ideas that are adopted and prove beneficial to the company.

A company can realize tremendous benefits by deliberately allowing everyone in the organization the freedom to devote a small percentage of their work week exclusively to generating innovation. Furthermore they should be provided with quality tools and training to maximize their potential for success.

It Starts at the Top

Of course even the most revolutionary business innovations are completely worthless without principal management’s willingness to institute change. It is the vision and fortitude of high caliber management that determines a company’s overriding philosophy. There comes a time when this philosophy itself must be challenged for a company to evolve with a changing marketplace.

Success in deploying a culture of innovation depends entirely on cultivating the proper attitude of EVERYONE in the organization, there can be no exceptions. It is our rigid preconceived notions about how we think things should be that prevents innovation from working its magic.

Plant the Seeds and Reap a Bountiful Harvest

One of the precious few immutable facts of life is that everything changes. We prosper by realizing that every adversity contains the seed of new opportunity. The current economic crisis is just another example of change that challenges our ability to innovate, adapt, and exploit the fresh opportunities presented by change. As previously stated – It’s all about turning disadvantage to advantage, and all that’s required is a shift in perception to a new point of view.

In order to determine how to shift our perception we must be willing to continuously re-examine and re-evaluate the truth of our existing perceptions. Innovation is the means to move beyond our existing perceptions to explore new territories ripe with opportunity. A corporate culture of innovation is the means to utilize in full measure the most valuable resource of any organization – its people. There is nothing more powerful than open hearts and open minds working together in synergistic unity for a common purpose.

Every business that plants the seeds of innovation throughout the entire organization, provides all the nutrients needed to sustain new growth, and removes any obstacles that impede new growth, will surely thrive and reap a bountiful harvest.

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Marketing, Promoting and Advertising Your Business

February 28th, 2020 by admin No comments »

One thing that goes without saying in today’s business world, is that regardless of the nature of your home based business, a website is an absolute MUST. Whether you have a product or service to sell, whether local or global, your business will go nowhere fast if you don’t have an online presence. If you need internet marketing help, you’ve landed on the right article. I’ll give you some home based business marketing ideas that will help you promote your business successfully.

The first step is choosing a domain name and getting it registered. You can build your own website (if you have the time) and host it yourself or you can have everything done by another company (if you have the money). Either way, you have many options and tools at your disposal that can align with your business plan and budget. Also note that you can still start your own home based business even if you don’t have a product or service to sell. There are thousands of individuals and companies that have products you can sell for them while earning a commission, called affiliate marketing.

Of the many business marketing strategies known to man, internet marketing is, hands down, the best strategy to use for promoting a home based business as it is the cheapest method and has the potential for reaching millions of people all over the globe. Driving traffic to your site through online resources is like killing two birds with one stone. You can tackle print advertising by writing articles and publishing them to directories and ezines and by submitting ads to the many available (and most of them free) classified ad sites. Online media advertising encompasses writing press releases and distributing them to press release sites. One of the biggest and most popular online advertising trends today is via social media advertising through sites such as Twitter, Facebook, and LinkedIn where you build relationships with your customers. Forums and communities are also great ways to build relationships which helps promote your home based business in the long run. Simply Google your market or industry with the word ‘forum’ or ‘community’ behind it and search for one or two that seem to be the best fit for you.

All of these methods of online advertising contribute to search engine optimization (SEO), which is to say improving your online visibility and escalating in the search engines like Google, Yahoo and Bing. Your goal is to claim the #1 spot in the organic search results (the results on the left, not the right side which are paid ads). This is where your traffic will come from. If you are 800 in the list of search results, no one is ever going to see your site because very few people have the time or patience to scroll through 800 search results. Research shows that people typically won’t even scroll past 4 or 5 search results, let alone 800.

Can you grasp the importance of internet marketing for any business? If you are new to the internet marketing phenomenon and don’t know exactly where to start, there are many great programs or systems online that walk you through every aspect of marketing your online business. A lot of these systems were created by online entrepreneurs who have spent thousands of their own dollars trying to figure it all out over the years and finally DID. Their sacrifices have made it easier for newbies to become successful at their own online home based business. If you are new to running your own home based business, I recommend you find a great system (do your research, read reviews, ask questions in forums) and start marketing your home business from there. Don’t waste the time and money that so many of us have in going it alone, without a proven system, as it will just set you back further and hinder your progress.