Creative business strategies can grow a small business into a medium or large business. The right idea — whether it’s creating the first personal computer, an electric-powered high-performance car, or reusable rockets — may lead to stratospheric profits. Here are a few reasons your company should start thinking outside the box.
Revenue:
What do the world’s largest organizations have in common? Innovation. Companies like Apple, Microsoft, Facebook, and Amazon were forerunners in their field, and innovated to such an extent that they’ve permanently altered global society. In the process, they’ve racked up enormous profits, and we interact with many of their products and/or services on a frequent basis. Their creative business strategies guarantee they’ll remain major players for the foreseeable future.
Elon Musk provides another wonderful present-day example. His innovative thinking led to a simple online payment platform (PayPal), high-performance electric cars (Tesla), cost-effective reusable rockets (SpaceX, which is still perfecting the technology), and a renewable-energy storage system which will slash energy costs long-term (Tesla/SolarCity).
As a small business owner, it’s safe to say you won’t have Mr. Musk’s resources at your disposal. You can, however, find untouched areas in your market to venture into, or update an existing product with a necessary feature, just as he did. That can lead to drastically-increased revenue.
Cost-Effective:
Some companies (see above) have the resources to invest in their growth. Others require a more creative approach. Perhaps instead of innovative products, your company needs to invest in a cost-effective marketing strategy. Platforms like Facebook, Twitter, Pinterest, and Instagram provide a cheap (or even free) means of informing potential customers about your products or services. Think creatively and find new ways to utilize these avenues to your advantage.
Another Elon Musk project, the Hyperloop, utilizes creative staffing practices. If you’re unfamiliar with the Hyperloop, it’s a revolutionary train system which will transport passengers at up to 760 miles per hour. This project will require a significant amount of design and engineering to bring it to fruition. How much is it costing Musk short-term? Zero. Musk has top engineers from Boeing, Airbus, and SpaceX (among others) designing the Hyperloop in their spare time in exchange for stock options. Additionally, the whole project is open-source, providing the public the chance to submit their plans to the project.
So, how can you stimulate the creativity you need? First, take note of cost-effective marketing resources at your disposal. The internet and social media provide myriad opportunities, such as blogging, ask-me-anything segments on social media, or even how-to videos or product demonstration videos on YouTube. If it’s design help you need, figure out what you have to offer that a designer may find appealing. It may be stock options, profit-sharing, or some sort of strategic partnership with their company. Consider their desires, and then work backward to figure out what you can offer to fulfill those desires.
Summary:
You can use creative business strategies to innovate and develop new products, to reduce costs in otherwise-expensive areas, or even to staff your company with employees. In truth, this article only scratches the surface of the limitless potential every company has at its fingertips. Allow the creative resources available to lead your organization in new, exciting directions.
Need help with the creative process? Let us know! We at Hyper Growth Business Strategies would be happy to coach you through the steps required to bring your goal to fruition.