The Importance of Innovation for SMEs

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The Importance of Innovation for SMEs
Innovation is not Invention.
Everyone and every business can innovate.
Innovation is renewing, changing or creating more effective processes, products or ways of doing things. So for a small business, innovating might well be just having the thought process and courage to try a new marketing strategy or tool, it could be to implement a CRM system or to try a new sales approach. These might not be ground breaking or world firsts (very few things are), but for a small business (and big ones at that) this is innovation.
Why innovate?
Being innovative is key to the success of a small business. Without innovation it is very likely that a small business will fail. This is because if a business is not growing then it is dying. As Einstein said – “The definition of insanity is doing the same thing over and over again and expecting a different result”.

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The Importance of Innovation for SMEs

  1. 1. THE IMPORTANCE OF INNOVATION FOR SMES
  2. 2. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk WHAT DOES THE WORD “INNOVATION” MEAN TO YOU? Invention Creation DysonGlaxoSmithKline Pfizer Does this scare you off?
  3. 3. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk Innovation is not Invention. Everyone and every business can innovate.
  4. 4. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk WHAT IS INNOVATION? • Renewing, changing or creating more effective processes, products or ways of doing things • For a small business, possibly having a thought process and courage to try a new strategy or tool • Implementing a new CRM system • Trying a new sales approach
  5. 5. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk WHY INNOVATE? • It is key to the success of a small business • Without growing a company is dying “The definition of insanity is doing the same thing over and over again and expecting a different result”. • Competitors will be growing and innovating and a business needs to stay “relevant”. • It keeps business ahead of others
  6. 6. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk WHY INNOVATE? • It drives the productivity and performance • It helps improve the business • It helps to grow fast, generate higher quality, higher paying jobs • It benefits all areas of the business including sales and marketing, finance, HR and IT
  7. 7. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk BENEFITS OF INNOVATION TO SMES • More efficient work processes • Saving time and money • Increased customer satisfaction • Staff motivation • Competitive advantage Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
  8. 8. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk HOW? • Have a process but allow creative thinking NOTE: Without a process to follow, creative ideas don’t get finished and therefore don’t have the impact they should.
  9. 9. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk ….AND THE STEPS? • Communicate and explore – What are the issues? • Visualise • Find facts • Create Ideas • Create solutions • Deliver • Monitor progress • Evaluate • Celebrate
  10. 10. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 1. COMMUNICATE AND EXPLORE WHAT ARE THE ISSUES? • Tap into your knowledge • Seek the opinions from your employees • Find out the barriers (if any!) • Talk to customers and suppliers This will get your ideas moving! Many of the greatest innovations have come from simple ideas from staff within businesses!
  11. 11. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 2. VISUALISE • Create a picture of the ideal outcome • What will it look like? • What are your goals? • What issues are there? • Develop a vision and “set the course”
  12. 12. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 3. FIND FACTS • After your exploring you will now have a number of issues or opportunities. • What is the current state of the situation really? • Accumulate the facts and don’t be judgemental
  13. 13. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 4. CREATE IDEAS • Brainstorm – “green light thinking approach” • Every idea is a good idea! • Concentrate on quantity vs. quality. It allows ideas to flow • Working as a team will show commitment and that you value staff input
  14. 14. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 5. CREATE SOLUTIONS • “Red-Light Thinking” to determine the best idea or approach • Evaluate the ideas created in “Green-light Thinking” stage • Get consensus from the team • Vote for the best idea or; • Use the criteria method
  15. 15. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 6. DELIVER • Put solutions into action! • Set up a time-frame • List each phase of the project • Make sure everyone understands
  16. 16. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 7. MONITOR PROGRESS Show commitment to the process! • How is progress going? • Are we on track to achieve the goals?
  17. 17. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 8. EVALUATE • Have you achieved the results you wanted? • What things did you learn? • What can be improved in the future?
  18. 18. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk DON’T FORGET!
  19. 19. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk 9. CELEBRATE • Celebrate the positive change • Reward those involved Engaging with staff throughout is good but actively rewarding innovation and the benefits of it, will be even more powerful.
  20. 20. Want to learn more about Innovation? Call Pathway on 0121 707 0550 or visit www.elearning.pathwaycourses.co.uk WANT TO GET STARTED? PATHWAY CAN HELP! Pathway group have a number of ways you can begin the process of innovating in your business. From an online course to more tailored support and advice. Why not contact one of our business advisors at Pathway Group who can point you in the right direction. Call Pathway on 0121 707 0550 and get innovating!

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