Even if business is good, it could always be better. The article “3 Ways to Stay Ahead of the Competition,” from Inc.com explains how constant innovation can take any company to the next level. Here are three tips:

1. Expand your product line to reach new customers. Don’t just think about how to please your current customers – think about how you can meet the needs of potential customers. Carefully researching and adding new products and services is a great way to pull in segments of customers to whom you might currently be failing to appeal.
2. Think outside of the box…or the category. You may have found a good niche in your market, which is great, but it doesn’t mean you should stop innovating. Think beyond new products and services and into whole new categories that make sense within your current business model. Look for needs that aren’t being met in the current marketplace and capitalize.
3. Don’t just follow the trends. Set them. Moving into unchartered territory can be scary, but if you do the research and limit your risk, it can also be exceedingly profitable. This doesn’t necessarily mean different products or services – for instance, think about packaging your offerings in a new, creative manner that will separate you from the competition. Once again, the key is to think about consumer needs that aren’t being fulfilled.

Click here to read the article from Inc.com.