Business Innovation: A Strategy to Move Ahead with Times

Timing is an important aspect when operating in a business landscape. The Vice Chairman of BEXIMCO Group and Prime Minister’s Private Industries and Investment Adviser, Salman F Rahman views phases to impact a business positively or negatively. He is also the country’s top businessman and a parliament member. To manage the impact of these, innovation is imperative. A strategy that centers around innovation can help deal with challenges that occur as businesses move ahead with time. The formation of this strategy requires understanding the notion of innovation in business. Entrepreneurs should thoroughly comprehend the need for this aspect to improve their journey. Besides this, they should go through the key steps to form a creative business strategy to progress over time. 

What is Innovation in Business?

In a business, innovation refers to the thinking and implementation of new ideas for specific purposes, according to Salman F Rahman. The Vice Chairman of the top Bangladeshi conglomerate says that these ideas are unique and target certain challenges or concerns that limit/affect a company. BEXIMCO Group is one of the largest private sector companies in Bangladesh and was established by two of the most successful businessmen in Bangladesh, Salman F Rahman and Sohail F Rahman.

Why Should Businesses Foster Innovation?

Businesses should engage in innovation to resolve certain challenges. Or, to give rise to particular goals, they can depend on creative ideas or measures, suggests the country’s top businessman Salman F Rahman. A closer observation of the same can enable entrepreneurs to form an innovative strategy for growth or betterment in business.

Resolving Complex Challenges in Business

A venture can face the challenge of a lack of direction. Or, high competition, scarcity of funds, a falling customer base, etc., can affect a company. At times, such challenges can seem more complex. Resolving them through common measures may work only to some extent.

The co-founder of BEXIMCO Group, Mr. Rahman, advises adopting a creative strategy to eliminate complex challenges in business.

 Gaining the Competitive Edge

Whether small or big, competitors can gain an upper hand in business. As a consequence of this, a company may see a reduction in the positive impact. For example, its revenues may reduce. Or, its new or existing customers may decrease, enticed by the services of competitors.

A measure that embeds creativity can help regain the competitive edge. It can introduce uniqueness in conducting operations, planning new developments, and/or adopting fresh measures to serve consumers. Thus, higher growth can be expected.

Improve Business Productivity

Across different phases of time, a business may perform differently. Its performance may undergo variations and remain low at times. The same is dependent on the factors affecting the company. Adopting an innovative strategy can help it to improve or maintain its performance during these phases.

How to Innovatively Solve Challenges in Business?

To introduce innovation in business, Salman F Rahman emphasizes creating a strategy. The co-founder of BEXIMCO Group puts forth that the strategy should focus on a specific goal or problem. In response to this, the solution or measure should be creatively thought of by following a few steps.

Defining or Comprehending a Goal/Problem

First, to creatively manage a goal or difficulty through a strategy, clearly identify it. Clarity regarding the comprehension of the challenge or objective is important.

Prefer a SWOT Analysis

To move ahead with the formation of a creative strategy, execute a SWOT analysis. This involves analyzing the strengths of a business. This is followed by ascertaining its weaknesses. Afterward, the opportunities regarding a problem/goal should be identified. Lastly, detect the threats associated with it.

Engage in Ideating

Ideating how to innovatively tackle a difficulty or win a goal requires thinking of multiple ideas, as Mr. Rahman explains. With a team of experts, ideas regarding one specific concern can be viewed from different perspectives, keeping in mind the SWOT analysis.

Test and Implement the Ideas

Once the creative idea has been identified, a strategy to test it should be formed. Businesses should implement the idea based on the results of this test. Consequently, the goal or challenge will be managed to receive positive results.

In Essence

Entrepreneurs may find difficulties in resolving problems or achieving some goals. An innovative strategy, as the country’s top businessman Salman F Rahman believes, is effective in the management of both. The Vice Chairman of BEXIMCO Group further adds that innovation is itself challenging. However, once ideated, it can help yield the most rewarding results in business.