Is innovation important to small enterprises?

Innovations can be fun as well as entertaining and one innovation tends to lead to another.

 

Are you still managing the wrong things for a better future?

Some of the best innovations originate from the humble kitchen table.However innovating can be tough and take up a lot of valuable time, if you don’t treat it as ‘lucky’, but it can be well worth the effort and resources used. Innovation holds exciting promise for the entrepreneurs of the future in both businesses and non-profits along with their communities.

While small, medium enterprises are more numerous than large companies and corporations, and they employ the most people, they still think they are less innovative.

Worse than that some of our leaders disregard small enterprises because they have little respect for their hidden talents. If you are in a regional or remote community and think that way, you will be the loser and so will the community.

When it comes to building a successful enterprise, innovation has to be one of the most important ingredients. Doing what everyone else is doing is a strategy for continuing struggles, as is complacency.

The consistency and speed with which you can introduce new innovative ideas build your competitive advantage as it separates the few from the many. But be careful, speed can also be risky if not managed correctly.

In these changing times of globalisation driven by technology, small, medium enterprises (SMEs) are disrupting the way business is done and the traditional business models used. And it’s happening with frightening veracity and speed.

SME ideas are always the best ideas in the world, just like so many start-ups that changed the world from their garage. There are times when business is not doing so great, but if the focus and sacrifice are there, great rewards lie ahead of you.

 

“I’ve failed over and over and over again in my life and that is why I succeed”.  Michael Jordan

What is it that gives (SMEs) the edge? What has made so many SMEs so successful, while so many others grow slowly or not at all and eventually fade away? Often small enterprises, particular start-ups, are just too busy with getting established to devote the necessary time to innovation.

A successful start-up often has a great innovative idea, which is why they started the new enterprise in the first place. But don’t let that deter you as one-off innovations need to be backed up with a process of continual innovation it the enterprise if it is to sustain its initial success.

Don’t let innovation happen by accident in your enterprise. Implement a program of continuous improvement and innovation. Still, if it happened by accident there must have been a cause and this is worth exploring. even though sometimes you can get lucky.

If you are looking for a starting point look at your problems and frustrations or those of your customers. Focus your mind on finding the solutions as you go about your daily routine, the more you focus the luckier you will become.

 

 

[read more=”Personal Experience” less=”Personal Experience”]

Personal Experience:

Want to put more innovation into your business? Well, I can recall my first visit to the United States of America when I was an agricultural machinery dealer. On that trip, I visited many machinery dealers across 25 states, had a great time but more importantly, I came home with over 150 ideas for our business.

One of the bosses at the Ford Motor Co said he would make a special trip to see me on his next trip to Australia to see how many I had implemented. Six months later I was able to show him 75 things we had already implemented. And what a boost to our business those ideas were. Keep in mind the old saying, “Travel broadens the mind”.

Sometimes I find it pays to just find a nice place to sit and relax, and with a pen in the hand start to think and reflect off the problems and frustrations I know about.

You may actually be doing some innovating on purpose because of the problems and frustrations you have been experiencing, Why not do a reality check. Opportunity doesn’t usually knock, you need to make a concerted effort to find it.

[/read]

 

 

Was this article helpful?

Related Articles

Leave A Comment?