5 Inspiring Business Innovations

Making changes to your business can be hard, especially if you don’t have the cash to inject into it. Some business owners will utilise direct lender loans to help get their ideas off the ground, and some will adapt their business model completely to try and revolutionise their whole company. Making a big change can be tough going as you have no guarantee that it will work, but sometimes, the potential results are worth the risk. To help get your creative juices flowing, here are 5 inspiring business innovations that helped catapult many businesses into success.   

  • Push Notifications 

Technology has a place in our everyday lives, so many businesses have taken advantage of this and are using this for their own benefit. Sending out emails to those who subscribe is no longer a reliable way to tell customers about new products or sales. Instead, push notifications have become the most effective method to grab people’s attention as once they agree to allow them on their smartphone, you can send them whenever necessary. Push notifications are a brilliant way to get returning customers and drive sales without making major changes to your business.    

  • Shared Economy

One innovative business model that proves to be successful time and time again is having a shared economy. The idea is that your business hosts different sellers or providers and charges them for using your service. They can then provide their services to their own customers. This model means your business doesn’t deal with their customers directly, but instead, your customers are the sellers or service providers that pay. This has been seen in multiple different successful businesses, so it might be something you could bring to yours.   

  • Add Amenities

Lots of customers now want more than just the one product or service that you provide, so some businesses have taken notice of this and are implementing different strategies. For instance, some shops that are exclusively furniture suppliers are now adding coffee shops or food areas. Similarly, book shops are a common business that has taken advantage of this. Adding a coffee shop to your pre-existing business might be an upfront expense, but it can drive more sales and sales in the long run. Even something as simple as providing a place to sit down and grab a drink of water can make a massive difference to your growth. 

  • Close Supply Chain

Some businesses are realising the benefits of keeping a tight supply chain. This means that they have control over everything from the first design to the finished product. This allows you as a business to cut down the waiting you’d usually do if you outsourced every part of the process. Having a close supply chain will give you a faster turnaround and beat the competition in putting out products first. This can help your business get ahead and has proven to work for lots of worldwide companies.   

  • Digital Subscription Fees

Print isn’t nearly as popular as it once was, so many businesses are now making the move to publishing online only and charging a subscription fee, so you don’t lose money. Some businesses are also using subscription tiers which then provide the customer with a reward each month. The different tiers have different amounts that the customer can choose from. Offering online subscriptions is a great way to reach out to customers and personalise their experience. 

Having a successful business takes more than a good product. You also need innovative ideas and strive to make your business model stand out. These are some of the best ways you can ensure growth. Don’t restrict yourself to what you think you should be doing because it’s the safe option that your competitors are all following. Instead, try being unique and doing what you feel is right for your business. You’ll see the difference almost immediately and will hopefully ensure long-term success.  

  

 

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