How Energy Costs Affect Innovation and Small Business Owners
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4. Pivot positively.
When you can innovate in a way that anticipates consumers’ needs — while simultaneously benefiting the world — everyone wins. Your profit margins increase the more you’re able to foresee consumer demand. The world becomes a better place, and your brand image is bolstered when customers see that you care enough to invest in giving back.
Done right, innovation can blend seamlessly with your corporate responsibility strategy, multiplying shareholder value and making a lasting social impact. The trick is to align CSR efforts with your strengths and time them with innovation opportunities.
Consider Apple’s innovation strategy. The tech and music industry leader has had its thumb on the pulse of the brewing energy crisis for some time, which allowed it to see an opportunity to create an electric car. A type of minivan, the vehicle will incorporate Apple’s software expertise by linking cars and smartphones with CarPlay. This product will help the company pivot into a more lucrative business while helping the environment.
The only certainty in technology is that it will eventually be replaced by new technology. To last in the long term, your organization must stay ahead through innovation grounded in global trends. Energy continues to be a hot-button topic, and as a small business owner, you have a clear opportunity to use this trend to navigate a future course for your organization.
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