The Importance of Innovation

Next in our series of guest blog posts from the MKF team is The Importance of Innovation from Partnership Manager, Sam Law. This blog should help you understand further the importance of innovation for long term success, how to adopt this mindset, and hopefully be able to put this into practice!

Why innovate?

It’s normal to want to maintain the status quo. You assume that since it’s worked for you in the past, it will work for you in the future. However, the status quo only works for so long. You must be proactive in your work, and not reactive. If you’re going to keep your company growing, you must innovate. You need to take the risks that come with originality and innovation so you can enjoy all the incentives that come from it. Both clients and your existing employees want to work for companies that are innovative!

At MyKindaFuture we ensure we’re always looking at different ways we can improve our offerings with our clients and partners by going beyond expectations. We do this by:

– Ensuring we’re applying MKF’s key values including embracing a growth mindset, thinking customer first and always pulling in the same direction.

– Looking longer-term.

– Always being ahead of the curve & our competitors.

– Not being afraid to fail & suggest new innovations & products.

– Utilising all our existing internal experts – both their past experiences and strengths.

The Four Main Reasons to Innovate

Growth 

  • Deloitte conducted a survey in 2015 with 60% of respondents stating innovation is the most important aspect for growth.
  • Innovation leads to growth –which means more products for you to sell, and more clients and exciting partners to work with.

Stand out from competitors

  • The right innovations allow you to offer something unique to customers.
  • Top innovators are then able to take popular products and make them even better – helping to make your brand stand out in the market.
  • It’s easier to increase revenue.

Meet customer needs

  • The needs of your clients are ever changing, and what they need might be completely different to what you’ve been offering for years.
  • Adapt to changing circumstances. MKF recently pivoted our employee engagement platform to a furlough platform due to the pandemic, and the need to support staff who will be feeling disengaged.
  • Innovators predict changes in the market and provide solutions before people even realise they need them.
  • If you remain stagnant, you risk losing business.

Attract the best talent

  • People want to work for companies that innovate.
  • It’s exciting to work somewhere that is always looking to create the next big thing.
  • Innovators want to be challenged and encouraged to create on a regular basis. Therefore, it’s important to create a culture of innovation that matches this!

In summary, innovation leads to company growth, and distinguishing yourself from the competition through discovery of new products, methods and ideas. Most excitingly, you’ll add endless streams of value to your organisation, and your offering to clients, which is the key component to success. It’s always important to practice a mindset that is looking for the next big innovation.

To find out more on how MyKindaFuture can help you to adapt and innovate, get in touch.