Growth is the true outcome of a successful business. If no growth, the business becomes dead. Many companies are operating without growth, they just produce finish goods and sell to bring profit, they have no innovations that bring significant growth for the long term. Even various service provider companies run the same way.
I have found, they have commonly two problems. Firstly, they have no learning culture, and secondly, they are far from innovation either market or product or both.
Learning – Innovation – Business
To succeed in your business, you have to focus on growth. How growth comes? Growth comes from continuous innovation. How innovation comes? Innovation comes from continuous learning. What types of learning you have to learn? Definitely your business-related, that’s it!
Learning: Learning has no boundary but learning on your products, market & resources should be in the priority list. There are many giant companies like Microsoft, Facebook, Apple, etc have a true learning culture in their premises. Novice companies like Uber, Airbnb, Oneplus also have these cultures. Self-learning is highly appreciable but organizational learning is more effective to concentrate and continuation. A specific time should be scheduled in every organization. It can be 2 hours, when managers, executives will read the journals, communicate with external experts, surfing the web as per their interest. After one month of continuation, you will see a big change. It will strengthen the company’s base. Learning is the first equipment of innovations, TRUE innovations.
Innovation: Innovation is a key element of business growth. Even a single innovation can initiate a new business e.g.: Uber, Airbnb, etc. Primarily innovations can be categorized in 2 ways; one is business model innovation and another is product innovation. Organizations have to more focus on their innovations rather than any other sites. Sustainable business growth for a startup company to the incumbent can be ensured by continuous innovation. Like apple introduced a type-c USB facility, Pharmaceuticals introduces new drugs every month, Tata introduced a small car Tata Nano, Tesla introduced electric supercar, Netflix introduced online video renting services, etc. All these innovations have brought significant growth to the company. Innovation needs deeply & specifically learning on it.
Business: It is the subject, why we are talking about learning and innovations. Properly learning and innovations can run a business successfully. If we think we want to build a strong tall building, first we have to focus on its basement. If the basement is strong enough then the building will sustain. So, in business, if we want continuous growth we need to focus on its learning and innovation site. If continuous learning and innovation are ensured then the business’s base will be stronger.
When learning, innovations, and business run concomitantly, growth will be continued. Every organization needs these three objects in their culture and It’s should be balanced.