3 Ways to Spur Innovation to Meet Your Next Challenge

Sometimes it’s hard to think about innovation when you’re caught up in the day to day of running your business, finding new customers and finding time for family.

This Management Tip of the Day provides some ideas for getting ready for the next challenge.

1. Look outside. When faced with the need to innovate, most companies turn to their inside talent. Instead, reach across corporate boundaries to your extended network.
2. Mobilize passionate individuals. There are likely people out there who are passionate about your product, idea, or area of focus. Find those people and connect them so they can share ideas and mobilize one another to innovate.
3. Embrace new technology. Look to younger generations of employees to see what technologies they are using. Support and embrace these technologies as they may be the source of your next innovation.

Read More: 3 Ways to Spur Innovation to Meet Your Next Challenge :: Management Tip of the Day :: October 16, 2009 :: HarvardBusiness.org.

Small Business Capital

This is a follow up to last weeks’ post about “Capital Available for Business Growth” (10/18).   The attached article provides the detail from the Program.    Highlights include:

Relationships are Key – Get to know your prospective banker just as you would (or should) get to know your new customers, vendors or investors – the relationship is similar.

What Bankers look for in Borrowers – the “3 C’s” – Capacity, Collateral & Character

Advantages of Community Banks – flexibility and entrepreneurial spirit

Small Business Administration (SBA) Programs

Intermediaris Filling a Gap when traditional lending programs need a hand.

Importance of  Clean, Current and Correct Business Plans and Financial Statements

Action Steps

Things you can do to take action

• Review your business plan.  Is it up-to-date?  Update 1 section per week.
• Check your financial metrics.  Do you have them?  How are you doing?
• Look at your key ratios – is your revenue translating into profits in an optimal way?
• Find a community or small bank and schedule a meeting_ Go on the web and find your local Community Development department.  Schedule a meeting with the director, even if you don’t need to right now.
• Get an outside viewpoint on your business.  The right advisor(s) can help you avoid the myopia that hinders so many businesses.  Consider a board of advisors.
• Tap into other local resources, such as business consultants and other experts that can help you move your business forward.
• Take advantage of local business forums, such as the one described in this article, to network and learn from other business professionals.

These are the kinds of things we teach in the Post University Online MBA Program; and we help businesses directly through the Post University Institute.

Read the article & let us know what you think!   Roadmap to Securing Capital 10-09