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  The NIST Manufacturing Extension Program for Kentucky

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Finding Innovative Ways to Grow Your Business

By Katie Takacs, Marketing Manager, Georgia Manufacturing Extension Partnership (GaMEP) at Georgia Tech

U.S.A.: Finding Innovative Ways to Grow Your Business. (2018, February 28) Retrieved from: http://gamep.org/articles-and-white-papers/finding-innovative-ways-to-grow-your-business/

How often do you hear a company executive say they don’t want to grow their business? Chances are you rarely hear this. So if 99% of companies want to grow, why is it that only some do?

Over the past several years the economy has affected business in ways that most people could not have predicted. As the economy starts to recover, many companies are left with fewer employees and customers than they had a couple of years back, a shortage of suppliers, and an increased workload. With all these factors working against them, how can companies start growing again or accelerate their current slow growth pattern?

Ask yourself this questions…Has your company developed a new product in the past three years? Have you found a new market for an existing product? Have you found a new use for an existing piece of equipment?

“Growth Graphic

If you answered no to any of the above questions, then you have the opportunity for business growth. Before you can take advantage of that opportunity, you must make sure you have uncovered the right opportunities so you don’t invest a lot of time and resources in activities that won’t produce growth. In addition, new initiatives can be risky with long-term payoffs, so they must be carefully balanced against the company’s short-term needs.

An innovation management system puts into place a structured approach to keeping your business pipeline full. By generating, evaluating and vetting potential “winning” ideas using a common methodology, you will eliminate the subjective part of the evaluation process and the vetted ideas will move forward more rapidly and with less risk of failure.

By developing and implementing a measurable and repeatable process, you build a system of idea creation, communication, and commercialization within your organization. This process will keep your ideation pipeline full and make generating opportunities for sustained growth part of your company’s culture…
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“KY Road Map Graphic

In Kentucky, let Advantage Kentucky Alliance’s Growth Management Experts help you grow your business this year.  As the MEP for the state of Kentucky, we do receive funding from the government which allows us to buy down the costs of any of the services that we provide.  To find out more about how AKA can help you with business growth, continuous improvement, leadership development, or Quality Management Systems and ISO, call our Marketing Specialist, Kurt Felten, directly at (606) 620-0076, and begin the conversation today.

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