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Innovation the Key to Business Success

Businesses go through good times and bad times. The economy goes up and down. Market sentiment rises and falls.

Throughout all this, the companies that survive are those that constantly innovate.

Stagnant companies get found out, particularly during economic slowdowns, when competition for consumers’ dollars becomes more intense.

During these times, innovative companies are able to hang onto their existing clients, steal market share of slow competitors and retain top staff.

One of the biggest misconceptions about innovation is that it only involves massive (and often costly) research and development projects.

Innovation can be as simple as putting a coffee machine in the office to help boost staff morale, or as complex as an R&D investment in software or infrastructure that results in increases to productivity.

The other important factor when attempting to increase innovation within an organisation is to ensure that everyone within the business is contributing and being involved in the process.

Companies that have successful innovation programs actively involve everyone in the process. For instance, all employees should have the opportunity to provide suggestions for improvement within the business. This not only helps to reduce change resistance, but also creates more avenues for new ideas to foster.

Google is one company that lives by this with a policy called 20% time. Employees at Google can dedicate 20% of their time to a project of their own interest. Google Maps was one such project that was created during 20% time.

Regardless of how big or small the innovations are, successful companies continue to do so on an ongoing basis.

The question to ask yourself is when was the last time your business innovated?

Business Planning: The Difference for SMEs

Often we get asked what actually makes up and goes into a business plan.

Most people understand the basics of a business plan and the process, however often expensive consultants try to “make one size fits all” as their mantra by rolling out templates or telling their clients they should read a book and all will be OK.

Unfortunately this doesn’t work for a business plan as every business and organisation is different in size, staff numbers, marketing budgets and growth strategies.

We have seen some of the smallest start up’s being the most growth focused and cash ready businesses around, willing to push the boundaries and take a risk.

Then we also see (in the majority I might add) businesses that are stable and supporting staff costs and marketing budgets already. They are sometimes wary of fast risky growth and make sure they plan out what they do next.

For every client though, we are focused on outcomes and results. Throughout the business planning process, we ensure that we provide a personalised and structured business plan service, with the very best business consulting and business advice delivered at all times.

Business planning outcomes will often include:

• A clear business plan, vision and mission
• Outstanding profitability and more growth
• More sales and leads with better customer retention incorporating thorough research
• Greater cost reduction
• Scalable and robust IT systems specifically for their needs
• Exceptional marketing techniques, strategies and campaigns
• A greater understanding of their unique “points of difference”
• Any other business help and business advice

Without these, your business plan may not be the investment it should be.