Tip of the Day: Reignite Your Passion for Innovation

Author

Manta Team

Release Date

Sunday, October 11, 2015

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Small-business owners tend to take risks and innovate. In fact, according to a Manta survey, more than half of SBOs believe that without innovation, their business would not be successful.

But somewhere between that initial burst of passion that made you start a business in the first place and the banalities of day-to-day operations, the time and resources innovation requires can be lost.

Creativity and innovation expert Laura Ryan recommended allocating 10% to 15% of profits specifically for creating and testing new ideas. "It keeps the sparks flying. It reminds us of why we own our small businesses," she said.

Once you have a surplus of cash, it’s easier to take the next step—idea generation. Ryan’s quick tip is to pose a problem on a shared document to your core group of staff and partners and ask them to brainstorm. She advised asking everyone to contribute 20 or more ideas to the document, then have them pick their top three to whittle down until the best ideas are found.

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