However, innovation can be simple ways to improve your business, and meet your customers' needs.

Innovation encompasses any improvements and changes to your process or products that lead to a marked step forward for your business.

Australians are generally fast adaptors of new technology and change, and innovation can significantly improve your business and considerably increase your business value.

Yet, most Australian businesses don't devote any time or money to the pursuit of innovation.

In many cases, it's the norm to spend your time in the operation of your business rather than taking a step back and looking for ways to improve your business.

The Australian landscape is scattered with failed businesses that did not look forward or examine market forces that would have enabled them to innovate.

All businesses should be looking at ways to constantly change and innovate over time.

Not embracing new technology will inevitably result in being left behind.

Here are some easy tactics to start your innovation process:

Examine your competitors and market trends. Begin by looking at your industry and understanding what is changing.

Seek papers from industry bodies and statistics, if you have access to them.

Review what your competitors are doing and why.

Is it working for them?

Seek advice. In Newcastle and the Hunter we have great resources, such as The Business Centre, which can provide expert advice on tackling innovation, and advise you if government grants are available in your industry.

Ask your employees. In many cases, the best ideas come from within your team.

Holding a workshop with your employees to look at innovation may provide a whole range of ideas and new perspectives.

Be sure to evaluate these ideas based on risk versus reward and identify simple ways to prove these ideas will work.

Ask your customers. Customers can provide a great deal of feedback as to how they want to see your products and services improve.

These ideas can be driven by market factors and other industries, and these changes can attract new customers.

Always ensure that your innovation will suit the majority, or the highest value of your customers, to ensure your change is worthwhile.

Any changes and innovation in your business should be driven by the right reasons, and should be well thought out, planned, and tested.

However, every business, regardless of size or age, should have an innovation plan.