Innovative ideas: 5 ways businesses grow to financial freedom

Jun 19, 2015Nii Ashalley

Innovative ideas provide us with successful principles in entrepreneurship, and all businesses need to develop them to gain financial freedom.

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Global business leaders are best known for their innovative ideas. Their unconventional and creative thought process have helped their businesses to grow and succeed. They earn recognition as leaders in their field, setting the standard for the performance and adaptability of a niche market.

Innovation often accompanies financial success for most companies. Perhaps Google Inc. is the best suitable example in this case. The company’s business revenue has flourished along with its patent filing over the years.

According to a new article published in 247wallst.com, the world’s most innovative companies for 2014 were Panasonic, Google Inc, LG Electronics, Microsoft Corporation, Toshiba Corporation, Sony Corp, Canon Inc., Samsung Electronics and others. These companies have reported growth in revenue along with an increase in research and development (R&D) expenditures.

One important thing to note—innovation doesn’t always have to be product or service related. Even innovative ideas pertaining to business models and employee motivation plans can produce tremendous results. Experts and successful entrepreneurs believe creative ideas can help a business grow in some of these spectacular ways.

Innovative ideas set business apart from contenders

If you’re selling clothes online, there are ample numbers of players who are already doing so over the internet. What are you doing differently from the average competition?

According to internet marketing expert Neil Patel, IBM, Buffer, Microsoft, McDonald’s, Disney and others, are few of the companies that have amazing business success because of their innovative ideas. These companies developed extremely innovative content strategies to connect with the customers and convey their message.

Innovative ideas develop better business models

Innovative ideas can also create effective business models. A company like Lending Club made $98 million of revenue in 2013 by establishing a new idea and business model. The company founder, Renaud Laplanche, was not happy with his credit cards increase in APR.

Innovation is the key to financial freedom.

He wanted a solution and eventually came up with this business idea. Lending Club eliminates the middlemen and lets individuals and small businesses apply for loan directly. Similarly, lenders and institutions look for qualified loan applications on this site to offer loans. In return, the Lending Club takes 1 percent service fee on the monthly payment from a borrower. Transparency is their most effective business model.

Innovative ideas attract customers and funding

It is only different and creative ideas that attract new customers. We all love to sell and generate profit. But, do we really make efforts to know what customers really want? Develop innovative ideas that focus on customers’ demands.

Amazon founder, Jeff Bezos, said a company that focuses more on the customers is more resilient. Know what type of product they want and then start production.

As we all know, investors also like to buy creative ideas which work in the market. If your company is an innovative organization, no doubt you won’t be having any problem in managing superb funding.

Innovative ideas boost employee productivity

Here are some innovative ways you can even boost employee morale and productivity. Sometimes, you can encourage your potential staffs to contribute ideas in marketing and sales. If some of their ideas strike, implement those and reward the employee for his contributions.

It will give the employee a morale boost and also improve his productivity, which will eventually benefit your business. Do you know Google designed Google Cafes and Google Moderator, especially to encourage innovative discussion among the employees across the team?

We would also like to know what innovative ideas you think might work for faster business growth.

Nii Ashalley

Nii Ashalley is the inspirational voice at The Business Frontal. His uplifting quotes, dubbed "Ashalleyistics", have encouraged many entrepreneurs, start-ups and leaders to achieve their maximum potential. He is a seasoned counselor, a life and business coach and an author of many call to action business articles.