When we think of innovation we think of the technology industry, don’t we? We tend to think of disrupters like Amazon, Google, Netflix, and others. Or perhaps the company that started SaaS (Software as a Service), which has permeated into way too many industries and businesses. It seems almost every time I look at some service they want a subscription; from wine clubs to every software possible, to maintenance agreements, and more.
Here’s an interesting non-tech industry innovation taking place in Washington (and I’m sure other states). It has to do with the cannabis industry, specifically retailers. While legal in a handful or two of states, the Feds still haven’t legalized marijuana. Therefore, the businesses can’t take debit or credit cards because they all run through a federal system.
Or can they (take cards as payment)? Shops have started taking debit cards because they’re able to set it up to be an ATM transaction not a debit card purchase. It’s treated the same way as going to any cash machine. Voila, an innovative workaround.
So ask yourself, are you doing anything innovative in your business? Have you found new ways to attract, serve, or keep customers? Any new services or products on the horizon?
Talking about a business with someone recently they mentioned how an owner, when asked why his sales aren’t a lot higher, said he didn’t want to work any harder as he was happy with his income. That’s atrophy. If you’re not growing you’re stagnant and on the way down. Innovation doesn’t have to be game-changing, it has to make positive change.
“In preparing for battle, I have always found that plans are useless, but planning is indispensable.” Dwight Eisenhower