I want to build on what we already do

Developing a business is not just about coming up with new products and services. Innovative solutions can also help you to make more of what you are already good at.

For example, are you tired of losing orders to companies that deliver inferior quality at a low price? Challenges like this are increasingly leading companies to develop 'function-based' business models which are about selling functionality rather than a product.

Sell a function, not a product
For example, a company producing an effective and environmentally-friendly fertiliser might guarantee a certain yield per acre for a fixed price. By selling the yield rather than the fertiliser, the company has better scope to work sustainably and increase its earnings. It might, for example, be able to use modern technology to reduce the amount of fertiliser needed and so minimise environmental taxes. This keeps the customer happy and saves the company money.

The extra yard can make all the difference
You might also consider further developing an existing product or service.

If you sell food products, for example, you could relaunch them in new biodegradable packaging. Customers will then no longer be annoyed by their organic carrots being packed in plastic trays that pollute nature once they go in the bin.