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Innovating to Create New Business Ideas

This week's excerpt from EXIM Bank's Business Advisory Services radio programme will look at some simple but innovative ideas that can be used to start an income generating activity that can expand into a productive enterprise, coming from Winsome Minott, Team Leader at Katalyxt for Business Development and CEO, Mint Management & Finance Services Limited.
• A business idea may come from just looking around in your environment to find practical solutions to situations that are presented to satisfy an unfulfilled need. Ms. Minott cited examples of persons using garbage to produce new products that have worked, such as fertilizers. Reference was also made to the proprietor of Bartley's All In Wood using the wood remains from furniture manufacturing to make a variety of accessory-type products that are doing well on the market today.
• Innovation can also mean changing something already in existence and making it better, more accessible and affordable to larger groups of consumers.
• Always have a vision of growth for your business, never feel like you are okay, and keep challenging yourself to make your business more efficient every step of the way; bearing in mind that the next emerging business can force you to change your business model or may even push you into extinction. This is why Ms. Minott cautions that a business must always try to stay ahead of the pack and think outside of the box.
• The importance of record keeping and the business of documenting all the processes involved in the operation of the company to promote continuity should something go wrong, was also emphasised by Ms. Minott.
Winsome Minott is a regular guest on EXIM Bank's Business Advisory Services radio programme, EXIMBankja, which is aired seasonally on Power 106 and Nationwide News Network as well as on JIS' network of radio stations islandwide.
Please look out for more informative excerpts from other episodes of EXIM's Business Advisory Services radio programme, EXIMBankja.  You may also check the media room of the Bank's website for more information at www.eximbankja.com

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