Small businesses can be a great source of innovation for big businesses looking to stay competitive and relevant. By studying what small businesses do to achieve success and sharing knowledge and resources, big businesses can tap into new ideas, insights and approaches that can help them stay ahead of the curve. As successful leaders in their fields, the members of Forbes Business Council understand that innovation requires a nimble, agile approach that small businesses often excel in executing. Below, 15 of them share some important lessons a bigger company can learn from observing their smaller counterparts. Members pictured from left to right. Photos courtesy of the individual members. 1. Be Willing To Take Risks Big businesses can look to small businesses for innovation tips by observing and learning from their agility and willingness to take risks. Small businesses often have fewer constraints and can quickly test new ideas and pivot as needed. Small businesses must get creative with their marketing efforts and focus on direct-response marketing, which can have a greater impact on top-line revenue. – Javier Carlin , The Practice Revolution 2. Reduce Unnecessary Bureaucracy The biggest challenge large companies have is the lack of entrepreneurial thinking and […]
15 Innovation Tips Big Businesses Can Learn From Small Businesses
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