How can SMEs Compete through Innovation?
Change is the only constant! This is a well-known saying which stands true for every entity on the earth.
For sustenance, one must adapt to changes and be open to creative and innovative ideas. However, what is it that drives an organization’s creativity? How can a small or medium-sized company face the competition with the help of creativity? We will discuss the same aspect in this blog.
Sustainable growth of any business requires development of new products and services that suits customers’ needs. This also means that the business must have well-defined systems and processes in place. A new business runs efficiently on the basis of its novel idea; however, as the enterprise grows, the novelty wears out and creativity and innovation become more of a challenge.
With time, the competition increases as there are a number of businesses running on the same idea. In this case, if the first comer does not evolve itself through innovation, then it will not be able to face the competition and eventually incur losses.
Here are some ways in which SMEs can face competition through innovation and creativity.
Innovation is not only about having ideas; it is also about being able to implement the right ideas from time to time. For this, the business leaders must have certain aspirations that can be passed on to the product or service teams periodically. This leads to an increase in innovative opportunities.
All bigger organizations had started with a small idea; however, the leaders did not stop there. They kept transforming themselves and their employees to come up with something new.
But creative thinking is not the leader’s job only. Innovation must become the organization’s culture.
- The culture of speaking up freely and framing your opinions positively allows an employee to think better and work productively leading to innovative working styles.
- There should be weekly or monthly sessions wherein employees can brainstorm about new initiatives.
- Leaders must also train their employees on skills required to implement innovative ideas, such as, ways to create ideas pitch, ways to convince superiors for resources and time, and ways to build prototypes.
- Employees who are able to implement their ideas must be rewarded, in order to encourage the environment of creativity and innovation, motivating the employees to think out-of-the-box.
Small and Medium-sized enterprises need to work hard to set their processes and systems right. Similarly, they also need to take conscious measures to create a culture of innovation.
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