Why innovate?

Your business is going fine, sales and profits are a bit flat perhaps but they will pick up won't they?

Or will they?

Research has shown that "innovative firms are twice as profitable (on average) than other firms" (Managing Innovation by J.Tidd, J.Bessant, K.Pavitt, 2005).

In a recent survey (by Scottish Enterprise quoted by Eureka! Ranch) 72% of companies answered "Sales Growth" as their reason to innovate.

Your staff plod on day to day getting the job done but there seems to be no great enthusiasm to drive the company forward.

That OK?

In the same survey 50% answered "increased employee development, satisfaction and motivation" as their main non-financial reason to innovate.

The way you upgrade your customers works fine although it does seem to take longer and longer each time. Still you get paid an upgrade fee so that's OK.

Or is it?

In the same survey 70% of respondents said that the great innovative companies "make significant use of technology"; 67% said that "they collaborate with others" and 58% said that they "lead on ideas generation, management and follow up".

And when asked about the top killers of an innovation culture, 75% said it was "being tied to routine and past practice".

Is your organisation tied to routine? Does the achievement of today's tasks stifle new ideas and inhibit the realisation of tomorrow's new products or new processes so necessary for your survival and growth?

If you leave everything as it is you know that your competitors will catch up; your customers will see more options than before; other better products, a better service, other different solutions to their problems.

You know this already but you worry about how to make the change; how to do the something different that will inspire your staff, generate ideas, implement new stuff and grow the business.

PassionateInnovation can help.

We have the PILOTTM processes which you can implement quite easily. We help you establish the culture so that "innovation" becomes the way you do things in your organisation. We facilitate and train innovation tools and techniques so that your staff think about issues and create new ideas naturally. We help your people with the focus on today to collaborate with those thinking about tomorrow!

So, to summarise, why innovate?

Some of the reasons are because innovation helps you to:

  •     grow your business through increased sales and higher profits
  •     be more productive
  •     cut costs whilst maintaining quality standards
  •     compete more effectively
  •     build brand value
  •     establish collaborative partnerships and relationships

Businesses that fail to innovate are open to the risk of:

  •     missing out on new market opportunities
  •     losing market share to more innovative competitors
  •     productivity and efficiency declining and costs rising
  •     sinking staff morale and loss of key staff
  •     experiencing steadily reducing margins and profit
  •     going out of business

Do it now? Contact PassionateInnovation.