Innovation is the key to success in businesses especially small.Reinventing the business and giving it a new look makes the business look brighter and better.
This improves the business volumes and profit margins. Overhauling products or services, upgrading technology and staff, beefing up sales and marketing, reducing price and taking less profit are some of them.
They are also increasing customer interaction, upgrading knowledge about their field and using social media marketing. Twitter, OMGPOP, Instagram, Groupon are some examples of technology based companies that have reinvented themselves in tune with the changing customer demands.
Steps to innovation: Predict the right time to change. collaborate with the right people to have help when needed. Identify the changes. Scarp the old model and create a new one. Create and execute a new plan.