19/06/2025
THE TOP 10 INNOVATION TIPS FOR SMALL BUSINESS SUCCESS
BY RICHARD ELMES // FINANCIAL ADVISOR AGILE WEALTH
Innovation is the foundation of business success. In today’s business world, disruption and change is a certainty, therefore you need to keep innovating. Agile Wealth has been a Financial Advice Industry Innovation Award finalist in both 2022 and 2024; however, we don’t stand still. We continue to look at ways to innovate in our business and industry so we can continue to service our clients with innovative and contemporary solutions.
We have adopted a life-stages advice process to package advice so it’s easier for our clients to see their own situation in our services. We have updated our website to align with this vision, telling stories through images. We have reduced costs with efficient resource strategies, and we have a professional client meeting suite instead of the need for a large office.
We continuously review processes for efficiency so we can be more productive in helping our clients. There are many ways you can innovate in your business. What could you do better?
Here are our top ten innovation tips for small businesses:
1 SERVICE INNOVATION
What makes your client experience exceptional? Take some time to understand what your customers want, need and value. How are you helping your clients solve a problem? Think about ways you can improve your client experience.
2 BRAND INNOVATION
Does your brand support your services? Don’t underestimate the power of your brand. Do you look professional? Are you wearing your brand and merchandis? Is your website a reflection of your professionalism?
3 MARKETING INNOVATION
There is no silver bullet to marketing. What are you doing that is effective for your business? How do you stand out from the crowd?
4 CUSTOMER ENGAGEMENT
How are you engaging your clients beyond the sale? Even if your business is transactional, the relationship with your customers does not have to be. Building relationships with your clients helps you with regular or repeat business, including what I think is the best business of all: the referral.
5 PROCESS INNOVATION
Take the day-to-day activities and operations of your business and evolve them to maximise efficiency. This could include identifying and knowing your internal processes and customer journey. Then you can look at how to improve, perhaps with the smart integration of AI and optimising the use of technology.
6 NETWORK INNOVATION
What do you do to build industry and community relationships? Do you network regularly? This does not have to be a formal arrangement, but your business relationships need to be worked on to be effective, just like any relationship you have.
7 TEAM INNOVATION
Do you have a team around you? Does everyone feel like they are part of the team? Working from home can be efficient for staff, but remember you need to make sure everyone continues to feel like they are part of the team. Regular in person engagement is essential.
8 STRUCTURAL INNOVATION
Do you have the right business structure? Do you need asset protection? Do you need tax efficiencies? Businesses evolve over time; the structure you started with might not be the right one now.
9 WEALTH INNOVATION
This is one of my favourite discussions with business owners. If you do not pay yourself properly, you will not have your wealth in the right entity, or you might not end up with any wealth. It is all well and good minimising tax, but one day you will probably want the financial freedom and choice to work or not work. To do this, you need to be making money for yourself, this means investing in yourself. Do not forget your own financial health when focusing on the financial health of your business. Tax is a matter of fact and an outcome of process. If you’re not paying any, you’re not making any money.
10 YOUR INNOVATION
Many business owners are so focused on the business, staff or customers that they tend to forget about themselves. What are you doing so you can keep growing yourself, as a leader? As a business entrepreneur? For your family? Do not forget to look after yourself, mentally and physically. Try something new, take time for yourself and look after yourself first.
Take time out of the business regularly so you can work on your business and yourself, grow and innovate, and ultimately, take your business forward by working smarter, not harder. If you’re not sure where to start, ask for help.
www.agilewealth.com.au
Richard Elmes holds a Master of Financial Planning from Griffith University and is a member of the Financial Advice Association Australia and the SMSF Association with specialist accreditation.
GENERAL ADVICE WARNING: Agile Wealth Pty Ltd (ABN: 79 641 503 979) is an authorised representative of Advice Evolution (ABN 66 137 858 023) and Australian Financial Services Licensee. (AFSL number 342880). The information is this article is general in nature and doesn’t consider your own objectives, financial situation or needs. You should consider your financial position objectives and requirements before making financial decisions.
