Innovation grows businesses
Being innovative is about coming up with fresh ways of doing and thinking about things. Those ways don’t have to be as revolutionary as inventing electric vehicles or discovering a new source of energy. Small, steady solutions can be innovative too and can help boost business success.
Innovation helps your business find solutions to problems, develop new products and services, and respond to challenges. That means your business is more likely to succeed and grow.
When you’re innovative, you see new ideas as your friend, in good times and bad. You welcome ideas, keep track of them and consider them, and accept it if they don’t succeed. You celebrate creativity and give people credit for their ideas.
Your employees are clear about the purpose and goals of your business. They know you encourage ideas and feel safe sharing them with you.
Collaboration opens doors
One way to encourage innovation and grow your business is to collaborate, either with individuals or with other businesses. Ideally, you’d work with them in ways that maximise your strengths and make up for your weaknesses.
You might be able to help each other out and share resources like tools, specialist skills or workspaces. Having access to each other’s contacts and distribution networks might mean you can grow faster and keep busy in what would otherwise be slow times.
But as with any relationship, successful collaboration takes work and commitment. Depending on the type of collaboration, you may have to give your partner something in return.
Think carefully about suitable partners. What can you offer each other? What are your working styles and values? Do you want to work more closely with someone you already deal with, someone new, someone local or someone overseas? Research possible partners carefully and put the agreement into writing.
Growth starts with the right advice
Growing a business can be both exciting and challenging. The Regional Business Partner Network connects you with local growth advisors who understand your region and your industry.
They can help you:
- identify opportunities to grow your business
- access capability development funding
- connect with expert advice and support
- navigate government services and grants.
Whether you're looking to expand, innovate, or build your skills, the network is a great starting point for personalised support.
Exporting means more customers and more opportunities
Exporting is another way to grow your business. It involves selling your products or services overseas, which means you:
- get in front of more people
- make more sales, which might mean you can produce each product or service for less (economies of scale)
- reduce your dependence on any one market.
Research possible markets carefully. Each country has its own culture and laws, and exporting will involve extra costs and learning. Talk to businesses who export to those countries. You might not just learn from them, but end up wanting to collaborate with them too.
Marketing well means understanding your customers
A good marketing strategy is vital, whatever your products and services are, and wherever you sell. That’s because marketing is understanding:
- who your customers are and what they want
- where they get their information
- how they decide whether to buy
- what your industry is like
- how to connect to your customers, what messages to send them, and how often.
Once you understand these things, you’ll better understand things like how to position your brand, what to charge and which platforms to use to reach your customers.
Government support to help you grow
The government has a range of support for new and established businesses, such as mentoring, networking opportunities and funding.
Your industry and needs will help determine what’s available to you. Start by contacting your regional business partner or local chamber of commerce to find out what’s best for you.
Some support is free and easily available online, for example:
- statistics from Stats NZ
- seminars and online advice from Inland Revenue.
If you apply for grants or support, you’ll usually need a solid business plan and a strong business case. Only apply if you believe the benefits you might get are worth the time and possible fees involved in applying.
What's next
Starting a business
Maintaining your business
Dealing with tough times
Selling, closing, or stepping away
Company
Partnership
Sole trader
Contractor
Social enterprise (doing business for good)
Other business structures