Investment in an established company is really the best way to drive innovation. Culturally, there’s a stereotype that new startups make the most ground-breaking, creative products.[1] That’s due to some notable success stories, like Apple, Facebook and even Amazon.[1]
However, the truth is that they’re the exceptions to the rule. Established businesses are actually the ones that tend to originate the most successful new products and services.[1] Mostly, they do that by investing in themselves, internally.[1] Xerox is a great example of this in the corporate world.[1]
Small and mid-sized businesses actually account for a lot of innovation.[2] They don’t always talk about it in these terms, though.[2] Many small business owners are refining a product they already offer, or working on developing another one.[2] This is true no matter how old or new an organization is.[2] It’s also consistent across the ages and genders of business owners.[2]
One of the best ways to innovate is to improve the equipment a company is using. This can mean investing in better tools, whether that means hardware or software. For example, some manufacturing plants could benefit from monitoring systems. Andon boards make it possible to track what’s happening on a plant floor. They can also help identify emergencies so that production can be stopped if needed.[4] Andon boards can help businesses become more efficient.
Another example could be updating accounting software to eliminate paper waste. Today, there is software that makes it possible to process accounts payable without stamping paperwork and stapling check copies to paid invoices. It’s easier to search for old invoices with these systems, too. Using them can really increase efficiency.
At Alliance Leasing, we’ve been helping people invest in their businesses for over 30 years. We make it possible for people to acquire the equipment they need to work more effectively. Contact us today. We finance equipment for industries including construction, retail, medical, education and more.[3] Chances are we can help you, too.
Sources:
[1]https://hbr.org/2018/04/theres-no-good-alternative-to-investing-in-rd
[2]https://www.inc.com/patricia-greene/how-small-businesses-can-stay-innovative.html
[3]https://www.allianceleasing.net/equipment-leasing/#faqs
[4]https://www.erp-information.com/andon-board.html#