SMEs On the Lookout For Opportunities
There has been a lot of evidence suggesting that SMEs are the main drivers of innovation – introducing new services, goods, methods of production etc.. Although big businesses usually have the benefit of big budgets with which to undertake research and development, small businesses have the advantage that they can easily change course and adapt new techniques and technology more quickly than some big businesses can. Due to that, small businesses should be especially on the lookout for new opportunities and investigate new technologies / techniques as they arise…
To be proactive with innovation, you need to keep abreast of industry news and customer opinion. Try and develop the mindset of ‘what can we do to improve’ and develop on products and processes continually. To gain customer opinions (and complaints) you should read trade journals and websites which contain reports from customers, and initiate your own customer survey if possible. Perhaps give some kind of incentive for completing the survey, it doesn’t have to be a cash incentive (although this is usually the most effective), and offer all those survey respondents entry into a cash prize draw, or a future discount on your products. Even if you receive a complaint, try and turn it into a positive by trying to improve your business from what it has taught you.
The Internet also offers a range of sources for keeping upto date with industry and business news – there’s your official sources like the BBC News, some parts of the Financial Times website are free, and there are very likely some free industry-specific news sites as well. Just run a search in Google and I’m sure you’ll find the kind of information you’re looking for.
In summary, always be on the lookout for new ideas and ways of doing things, and keep upto date with customer opinion and industry news.
Written by Chris Pangburn.
