A battle has been raging in the business world for some time, and it’s a battle that affects your business.
In one camp are people who want to improve everything in business. If there’s an issue, they aren’t content unless they come up with a brand new solution for it. On the other side are people who believe hard work is the solution. If there’s a problem, they’re willing to put in the effort necessary to fix it, working hard no matter the cost. Which side is right in this business battle?
Studies reveal this bipartisan thinking. Eighty-four percent of executives say the key factor in a business’s growth strategy is innovation. However, reports show that Americans are working harder and putting in more hours to succeed in business. Which strategy is the best for your small business to get ahead?
Picking a winner can be challenging. Innovation and hard work have been cornerstones of the business world for years. Is one actually more important than the other? Let’s find out.
Innovation and hard work both have advantages. Innovation keeps your small business up-to-date in a continually changing world. By improving your company’s way of operating, you stay ahead of your competitors. Does that mean innovation is the clear winner?
Not so fast. Hard work is also essential to your business. You may have innovative ideas, but if you don’t work hard enough to implement them, your business will never succeed. Then, is hard work our winner?
Not quite. This is only the overview of the battle. Let’s look at these qualities a little more in depth to get the bigger picture and find our winner.
In this battle, innovation starts off pretty strong. Improving your company’s products and services enhances your customers’ experience. Innovation can also fix problems that are holding your business back.
Reddit is a prime example of how innovation can help a business survive. When the platform first started out, it had zero visitors. The founders had to do something to get people to the site. Their novel solution was to start fake accounts and hold discussions between themselves. The goal was to generate activity that would attract people to join the site. As a result of their innovation, Reddit has become one of the most popular online platforms.
Willingness to innovate can also help your company keep up when new inventions come to your industry. One radical invention that people now view as commonplace is the credit card. For centuries, much of the world used paper money and checks as currency, but then credit cards came on the scene. As credit cards became the norm, businesses that refused to create new procedures for accepting them lost out on clients and earnings.
From these examples, innovation clearly has a valuable role in business growth and productivity. Does that mean we figured out the solution? Is innovation the best answer for business success?
Despite innovation’s lead, hard work hits back hard. Hard work is a requirement to start and keep a business going. Working hard for your goals keeps you focused. Only once you start putting in the effort will you get results.
Some of the most successful people work extremely hard. One study found that CEOs work an average of 62.5 hours per week. They are dedicated to getting results for their companies and themselves. With their drive to work hard, these leaders get to the top by putting in the time and effort to become successful.
Hard work also helps you continue on after facing hardships. The founder of Canva, an internet-based graphic design program, was rejected over one hundred times in her search for funding. After three years and abundant persistence, the company finally had its investors. Did hard work pay off in this case? It sure did; Canva is now valued at one billion dollars.
It’s no surprise that hard work is integral to business success. Hard work is the backbone of a thriving business. Without it, no business can succeed. If that’s the case, can we crown hard work as the winner?
It’s a tie! We’ve seen how innovation and hard work compete neck and neck to win this battle, but neither can seize the title alone. Really, you can’t have a successful business without both strategies. Change is implemented through hard work, and innovation lessens your workload by improving procedures. The two work together to help your business grow and prosper.
Instead of battling, innovation and hard work need to co-exist in your business. Successful businesses welcome suggestions for change and foster a culture of diligence. They encourage employees to work hard to reach their goals while looking for ways to improve their methods and efficiency.
You’ve seen how innovation and hard work can help your small business succeed, but are your hiring practices just as profitable?
At Trusted Employees, we can help you build a hiring process that’ll make you succeed. We’ll show you how to shape your hiring process to fit your company’s individual needs. Contact us today to learn more.