Evolution in business as a result of technology has meant that over the last few years, even developing countries like Nigeria have moved into the innovative spaces created by the digital economy. Thanks to globalization, your next business opportunity may be just a click away.
Innovation is simply the realization of new ideas, products, services, and processes. There is no doubt that new or improved products or processes of production continue to create businesses with competitive advantage over others in the market.
Leaders of SMEs incrementally use ICT-based electronic commerce to gain competitive advantage in the global marketplace. Despite recent changes, the low adoption rate of ICT by SME leaders in developing countries such as Nigeria has contributed to a low rate of economic development in these countries.
Small businesses who have been innovative with their business have created processes which make their business run smoothly and effectively. For example, some food vendors now advertise their products on apps that customers/clients can simply access with their phones to order a meal.
As a business owner, it is imperative that you find ways to solve a need by being innovative. Businesses like Uber and Airbnb carved a niche for themselves in transportation and real estate. They created platforms that could cater for the needs of their clients without ever owning a single taxi or piece of real estate. Yet, they have created an enabling environment for their businesses and millions of people around the world have benefited from these services.
As a growing business, it is also wise to encourage creativity and innovation in your workforce. Making your employees a part of the process is a good way to ensure harmony in the workforce while growing the business together.
Technology has been proven to be a cost-effective way to improve your business. You can use emails and instant messages to improve communication between your business and its clients. You can use automated services to make selling your products and services easier. You can even eliminate the cost of an office by working remotely with your team. There are so many options and benefits; there’s bound to be something that works for you.