Innovation is key to business prosperity
TO innovate is defined as to bring in new methods, ideas or to make changes. Here, Business & Enterprise North East (BE-NE), the organisation that delivers the Business Link service in the region, explores how innovation in business can improve your bottom line, and help take your enterprise to the next level.
Alastair MacColl, chief executive of BE-NE, explains how, by employing innovative new practices, businesses in the region can set themselves apart from competitors, and open up new markets in the process.
“Innovation is what makes your business stand out from the crowd. Every company needs to have something that differentiates it from its rivals – be it a truly unique product or selling proposition, or simply the promise of service excellence. Finding this selling point is the key to unlocking the potential that exists in your organisation.
“Identifying innovative new things that you can do with your business could help you to define your USP, or it may be that creative thinking allows you to develop an improved way of working that in turn benefits your offer to customers.”
Innovative businesses aren’t just the ones that come up with world-changing inventions. Any business that does something new or different to improve its bottom line justifies being labelled as innovative. Mr MacColl explains: “Innovation, for many entrepreneurs, is an abstract concept.
“However, it is often really just about looking at things differently. Anything that you do as a business, that is creative or different from the norm can be classed as being innovative.
“Innovation is not just something certain types of business can do. Companies of all sizes and backgrounds can gain a competitive edge by adopting simple but inventive new practices. Looking at what your competitors are doing, and thinking of ways that you can do something a little bit different can really help you to nurture ideas and embed innovation into your business.”
And Mr MacColl believes that innovation is key to business success in the North East. He said: “Businesses continue to operate in very tough trading conditions, and it is therefore really important that they find ways of standing out in a competitive market, and making it their product or service that customers’ choose.
“We want to make sure that the region’s businesses are best placed to benefit from the new opportunities and prosperity created by the global demand for innovation.
“By maintaining a clear focus across every aspect of their business, companies can maximise their potential and avoid falling behind the competition, giving themselves a better chance when competing for contracts and helping to secure their long-term future.
“At BE-NE we have a wide portfolio of services that can help businesses to be the best they possibly can - which can all be accessed through the Business Link service.”
By innovating, North East businesses can ensure that they are well-prepared to take advantage of new opportunities in the marketplace and thrive.
Mr MacColl said: “All businesses need to be aware of their strengths and weaknesses, and equally the opportunities that are out there and waiting to be taken advantage of.
“We will explore how North East companies, with the help of Business Link, have used innovation to improve efficiency and expand their markets, and how, in doing so, they have managed to increase their profitability.”
Businesses that want to explore how to become more innovative and improve their performance can access support by calling Business Link on 0845 600 9 006 or by visiting www.real-innovators.com.
Share
