Companies Consider Themselves Only "Somewhat Innovative"

Less than 30 percent of small business owners surveyed said they felt their company was very innovative. “Plan for innovation—don’t sit around waiting for innovation to occur spontaneously,” advises Jennifer Wang, director of marketing and brand strategy at futurethink, a global innovation training firm.

To jumpstart the process, she suggests mapping out innovation goals by answering some questions honestly. What skills could your team benefit from learning? What are the challenges they need to overcome? What can you glean from other companies’ strategies? “Once you’ve delved into some of these important questions and formulated some plans, outline how to make it happen,” Wang says.

Wang also recommends reverse mentoring, the practice of bringing in eager interns or new hires with little to no experience to rake in novel ideas. An informal chat over coffee with younger employees about their world, their thoughts on your company, and where it’s headed in the future can provide valuable information about possible innovation tactics. “Younger mentors can give you a crash course in what’s relevant now,” Wang says.