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How can innovation improve your business?

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HomeInnovation

How can innovation improve your business?

Innovation is a word that is bandied about as a buzz word, but what does Innovation really mean and how can it transform your business?

How can innovation improve your business?

Innovation is a word that is bandied about as a buzz word, but what does Innovation really mean and how can it transform your business?

Innovation doesn’t have to be a ground-breaking, world-changing invention (although of course it’s great when this happens).  And it doesn’t have to be restricted to scientific or technology-based companies.

In larger companies, innovation is often a primary focus with budget allocated specifically to it. Research and new product development are areas that can be extensively investigated with outside agencies paid to assist. For SME’s, it’s not always possible, or desirable, to fund this activity from limited resources which have to be spread across the whole business.  However, that doesn’t mean that a smaller company can’t innovate. Doing something new or differently is a simple way to bring innovation into your business and can lead to positive benefits. Being innovative can lead to improved turnover with higher profits and it can also make you more efficient and competitive.

In order to innovate you need to take a good look at your business and see where it is going. Envision it in 5 – 10 years and ask: Will it be offering the same services and products? supplying the same client base? will it have the same turnover? will there be new products? will your marketplace be the same? And finally – do you like what you see?

If you like what you see, with new products and a different marketplace, you now have to ask, where will they come from? How do I get there? If you don’t like what you see then now is the time to start putting ideas together to avoid the problems seen.

As an SME you are in an advantageous position as smaller businesses can embrace new ideas and change a lot quicker than large companies. The tools to help are in your hands already – speak to your employees as they have a good knowledge of your business and may have valid ideas that can help. Also speak to your suppliers and customers and also other companies in your marketplace. You will be surprised at how beneficial this can be. There are many organisations out there that can help as well and once you start on this journey you will be surprised at what comes out. Innovate and succeed.

SMEforgrowth Editor