Although the tight economy makes it difficult for LLCs to maintain a focus on innovation, a business researcher recently identified a few ways to increase revenue.
Most business owners are more worried about just surviving, says business consultant Steve King in the Washington Business Journal. But he notes that innovation is one of the "best ways to solve business problems."
King says that a pool cleaning service that started leasing equipment to a community pool is proof of how innovative ideas can help small businesses increase revenue.
King recommends "adding value" to existing products or services through enhanced customer support. He says this can have a significant return on investment by creating repeat customers.
He also notes that cloud computing offers many companies the ability to reduce office rents, overhead costs and operating expenses. The technology uses off-site, secure servers and charges companies for the amount of data they use – rather than an up-front fee for a software license.
Using employees and their intimate knowledge of business operations is another innovative solution. The Wall Street Journal recommends creating "innovation communities" among employees by setting aside specific time for brainstorming on how to improve operations.
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- Vision, employee participation are keys to business success
- Start a corporation with a little innovation: Tips for fostering business ingenuity
- Forming an LLC provides chances to interact, learn from customers
- LLCs can benefit by having employees develop innovative solutions
- Traits of successful online business owners
