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Small Business Revitalization Blog

Small Business Coaching: Revive Your Profits, Revitalise Your Perspectives, Reinvigorate Your People

How Creativity Can Generate BIG Profits


Creative spaces can help you think differently!
Photo credit: http://www.flickr.com/photos/osterwalder/


Many business owners spend exactly zero minutes per year on creativity and innovation.  Richard Branson spends, oh, probably around half of every week!  How many multi-zillion dollar businesses do you run? Do you think creativity and innovation could be worth just a little of your precious time?

So what can you do to make your business more creative and more profitable?  One technique I love for its simple but highly effective profit-generating capacity is to expand your product or service offering.

When I was 14 my parents bought a business in a beachside tourist village.  The bloke who previously owned it quietly said to my Dad… “I reckon you could add another 10 – 15 product lines, but that would be about the limit.”  The shop had around 50 product lines at the time.  My parents added another 500!!  Profits skyrocketed...It allowed us all to live very comfortably for many years…and it enabled my parents to sell the business for substantially more than they bought it for.

Are you limiting your thinking on how many product lines your business can offer?  Are you too tired to think of more?  Here’s three ways you can find new product lines with ease:

  1. Research your (international) competitors online.  Often the US market is 1 – 2 years ahead of Australia, and developing nations are much more creative than we are because they have to be!  There are profitable ideas everywhere… you just have to look!
  2. Research business trends and apply them to your industry.  Start with www.springwise.com and www.trendwatching.com and your ideas will flow.
  3. Get out!  Listen to your clients – what other problems can you solve for them?  Go to trade shows – what’s new? Make networking events fun – do your research with people who are potential customers – what other products or services could solve their challenges?
Today's business coaching challenge:  Invest 20 minutes researching and find at least one new product or service idea that has the potential to add at least 10% to your turnover this year.

Want to know more about using creativity to generate profits?  Enjoy our FREE Teleseminar on Tuesday 15 September at 7pm (Brisbane) time.  Bookings Essential!

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