Pictured above: Richard Wherton

Innovators are usually the courageous individuals and businesses that are prepared to take calculated risks to discover opportunities for future growth.

It is important to consider that the future success of your business is likely to be based on the development of new ideas rather than the exploitation of past successes.

Instinctively most businesses concentrate on what they do well, protecting what has made the business successful to date, not wanting to jeopardise what they have by taking risks and developing new ideas and methodologies.

However, most products and services do have a finite lifecycle, and successful innovators are those able to develop the next product that captures the imagination of consumers before the current product suite has reached maturity.

This should help to support the longevity of the business.

Innovation can be inexpensive and does not need to be risky. By encouraging an atmosphere of innovation you could unearth an abundance of suggestions internally, without having to follow the leads of others. You may need to be bold and to appreciate that it could be necessary to take some risks.

Managing a cultural change presents challenges. By involving your employees fully in the process the evolution is more likely to be accepted, and could also become a key motivation tool by empowering your team to influence the future direction of the business.

Many people are stimulated by working with innovative individuals. You will also be able to identify your most talented employees as those that drive change, but also those who are able to add real value to the business, and this could be a factor when ultimately considering your own exit strategies.

To kick start a cultural change it may be necessary, at least initially to develop a platform to innovate.  Scheduled brainstorming meetings would encourage your team to make open proposals, helping them to build confidence in making further suggestions.  It is important to consider how you will give recognition to those individuals who develop and implement new ideas.  Ultimately, businesses that are able to continuously innovate are usually those that are more successful in the long term, however this is measured.