Develop strategies for innovation

[Midfielder]

Post you tho's on this element on this thread

[nirmala]

Develop strategies for innovation, including the utilization of existing, new or technology...

1. Create a development plan to define your organizational structure and establish your
responsibilities, procedures, processes and resources.
2. Identify the set of processes required to run your business effectively. These typically apply
to training, product purchasing, design, development, production, service and customer
relationship management activities.
While many businesses may think they don’t need a strategic or business plan, having a direction of where your business is going and how you will get there will keep a business on track, ensure that others are working with you to achieve success, and add credibility to what you are doing.
Technology offers many opportunities for a small business to market its offerings, and track and tighten its systems. Electronic record keeping helps small businesses consolidate information systems by using databases that link information in multiple ways. Electronic communication systems such as email, websites, blogs and Twitter are invaluable marketing tools, enabling a small business to stay connected with customers and suppliers. Small-business technology can be complex or simple, depending on the proprietor's comfort level and the benefits that technology can offer to the particular business.

[rosebud]

Developing business goals
Whether expressed explicitly or not, most small business owners and managers have goals for the business they would like to achieve. When developing a business strategy, goals need to be defined in the early stages of the process.

When embarking on a growth phase, goals are particularly important so all staff and key stakeholders understand where the business is going and what needs to be achieved.

Business goals should be:

time bound – goals should be set with a timeframe for achievement in mind. They can be set for one or more time periods (ie 12 months, 2-3 years or 5 years +), and linked together. Goals expressed for time periods under 12 months, are generally considered to be business objectives or targets and will be part of a business plan
formulated to achieve the company’s vision and mission
easily understood, clear and concise, but can also be broad in scope
realistic and achievable, given the company’s resources
measurable, so they can be tracked and judged whether they have been achieved
meaningful in that achievement of the goals will make a considerable difference to the company. It is best therefore that goals are outcomes focused versus input driven.
Goals can be financial, reputational, cultural, customer focussed or even community based. Along with goals striving to achieve the company’s vision and mission, they must also be aligned to the company’s values.

Goals should be seen as opportunities for the company, not a burden that is out of reach or a fanciful suggestion. Goals can be established for the entire company and/or for individual business or operational units. They can also provide a framework for developing key performance indicators (KPIs) at a company, business unit or individual level.

The most important aspect of developing goals is gaining commitment to achieve them from everyone involved in the company. Therefore, good communication during the developing process is needed, and once confirmed they should be shared widely and openly discussed.
www.smallbiz.nsw.gov.au/grow/strategy/developingbusinessgoals/Pages/default.aspx

[ashrafun]

Technology provides a wide range of tools entrepreneurs can use to guide their new companies through the startup and growth stages. Small-business accounting, marketing and communication have been revolutionized by advances in computer, network and communications technology, and businesses in a range of industries continually adapt to take full advantage of technological developments.

Technology offers many opportunities for a small business to market its offerings, and track and tighten its systems. Electronic record keeping helps small businesses consolidate information systems by using databases that link information in multiple ways. Electronic communication systems such as email, websites, blogs and Twitter are invaluable marketing tools, enabling a small business to stay connected with customers and suppliers. Small-business technology can be complex or simple, depending on the proprietor's comfort level and the benefits that technology can offer to the particular business.

In addition, technology refers to the current state of knowledge and technical know-how used in business activities. Technological changes, utilisation of existing, new or emerging technologies can affect business in different ways to optimise business performance. The effects of technological change can include:

1 improving product and service quality
2 making products obsolete
3 improving raw materials and production process
4 increasing business efficiency through time savings
5 making the technology itself more affordable.

[anilla]

Whether expressed explicitly or not, most small business owners and managers have goals for the business they would like to achieve. When developing a business strategy, goals need to be defined in the early stages of the process.

When embarking on a growth phase, goals are particularly important so all staff and key stakeholders understand where the business is going and what needs to be achieved.

Business goals should be:

time bound – goals should be set with a timeframe for achievement in mind. They can be set for one or more time periods (ie 12 months, 2-3 years or 5 years +), and linked together. Goals expressed for time periods under 12 months, are generally considered to be business objectives or targets and will be part of a business plan
formulated to achieve the company’s vision and mission
easily understood, clear and concise, but can also be broad in scope
realistic and achievable, given the company’s resources
measurable, so they can be tracked and judged whether they have been achieved
meaningful in that achievement of the goals will make a considerable difference to the company. It is best therefore that goals are outcomes focused versus input driven.
Goals can be financial, reputational, cultural, customer focussed or even community based. Along with goals striving to achieve the company’s vision and mission, they must also be aligned to the company’s values.

Goals should be seen as opportunities for the company, not a burden that is out of reach or a fanciful suggestion. Goals can be established for the entire company and/or for individual business or operational units. They can also provide a framework for developing key performance indicators (KPIs) at a company, business unit or individual level.

The most important aspect of developing goals is gaining commitment to achieve them from everyone involved in the company. Therefore, good communication during the developing process is needed, and once confirmed they should be shared widely and openly discussed.

www.smallbiz.nsw.gov.au/grow/strategy/developingbusinessgoals/Pages/default.aspx

[poonam]

develop strategy for innovations,including the utilisation of existing.............

Setting targets forces a business to identify essential key performance indicators.
Creating a business plan sets out the effective use of time and resources. It sets out how to take advantage of business opportunities. And it sets out how to anticipate problems.
Writing a business plan is the crystallisation of ideas for all divisions of the business. It provides direction to the business. It sets out why you have chosen to go in a particular direction.
The business plan is often described as a 'living document'. Its value is only realised when the plan is used, reviewed and tested regularly.Business plans cover several functions. They are usually set specific business goals such as revenue targets, raising finance and specific programs – like marketing.

There is no standard format for a business plan. However, a good plan will include:
a list of business goals
a management and financial plan
a sales and marketing plan
an operations plan
a human resources plan
an executive summary.

www.smallbiz.nsw.gov.au/start/earlystages/businessplanning/Pages/default.aspx