Nike came out of Oregon making shoes, then made the transition to apparel and now is selling technology to complement their products. When Nike first started, they were focused on providing optimal solutions for runners, but they have since turned themselves into a larger business whose more general competency is to enable human achievement and performance.
Netflix realized a shift in consumer demand for movies and television. By bringing the movie and television rental market online, they essentially ran Blockbuster out of business. Don’t discount the power of the internet. As new technology becomes available, consumers will require you to innovate your business or someone else will.
Don’t be satisfied with where you are as a company. For small companies, it’s easy to get stuck in your own way and to be comfortable with your core competency. But you need to think revolutionary and to come up with ideas that knock down doors by enhancing your product and customer experience.
Find something that adds value to what you’re already doing. Think of ways to expand your current product line. Is there a complementary product that you can develop or is there new technology available that renders your existing product obsolete and requires you to redesign altogether?
Innovation and creativity are happening within big companies, but they can happen to small businesses even faster. It’s important to think of how you can get better by serving the same audience you have in a different way.