SMEs already have one major advantage over larger firms when it comes to innovation: they can often be more flexible and act more quickly to embrace new ideas.
With a small team, you’re knowledge of the business and good judgement may be the only approval system you need.
5 things small business can do to stay ahead through Innovation
Do ask for advice- Leave your ego behind
Seeking help is not a sign of weakness. Consult your staff, your customers and also look outside your organisation, to find solutions in areas that complement your internal skills. You cannot always solve all the problems yourself.
Cast a wide net
Your next best idea can come from somewhere unexpected. Network, not just within your sector. Look at other sectors for fresh new approaches. There is no reason why a ‘logistics’ company can’t join a food sector group. In my experience many of my customers have benefited from fresh approaches by networking with industries not directly connected to their businesses. The reason for this is that your group members are not your competitors in any way, so flow of ideas and exchanges are more open and honest
Work alongside people from different backgrounds, different cultures for a more balanced slant to your business challenges and marketing. Your customers are diverse, marketing has become global and so should you
Take time to understand a problem before jumping to a solution
Albert Einstein once said, “If I had an hour to solve a problem, I’d spend 55 minutes thinking about the problem and five minutes thinking about solutions.” Always identify the real problem, going to the route of the problem alone will help you ask the right questions and find the right answers.
Dare to think big
Small businesses can dream big and achieve their dreams. No project is out of reach if you put your mind to it and work at it. Here is an example of a small north London based business delivered on a big project.
Small companies can think big!
Ritec International Ltd is a small innovative manufacturing business based in North London with 15 employees and has on several occasions taken up services provided by Enterprise Enfield. They export to 30 countries demonstrating how small companies can think big.
Sparkling New Super Liner where glass on the ship was protected by Ritec’s award-winning ClearShield Eco-System™ to make it low maintenance and easy to clean was launched by the Queen.
The largest addition to the P&O fleet, Britannia, has set sail with its extensive glass elements protected from the harsh effects of the marine environment thanks to Ritec Marine Services, a subsidiary of Ritec International Ltd. The £473m ship, launched by the Queen is the latest in a long list of cruise ships to be treated with the award-winning ClearShield Eco-System™ which upgrades the glass to ClearShield Eco-Glass™ that provides protection from sea spray and other corrosive elements.
About the Author of this Blog:
Prerana Phadnis is a pragmatic and highly experienced Business Adviser, Mentor and Coach for medium sized businesses. Her approach is both strategic and practical. She has a proven track record of achieving results for clients Several of Prerana’s clients have won the SMART award for Innovation, the Millennium Product award and other Innovation awards. Prerana enjoys working with clients offering innovative products and services in niche and emerging markets. Prerana was nominated as ‘Best Business adviser’ by her clients for a competition by Barclays bank.