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.
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”.