We have all heard the common phrase, ‘Don’t rest on your laurels’. Essentially, resting on your laurels means that you are being complacent or arrogant in your mindset. You are unwilling to change your mindset, either because you that think your current one is better, or because you may fear what the change could cause. A failure to innovate in the business world can leave you limping behind competitors who are soaring because they decided to update their business model.
Indeed, many clients tell us their most critical issue is tapping into the latent innovation capacity that exists in their organisation to build a culture of innovation. That kind of culture is not the natural state in most organisations, where the default is to focus on executing today, not inventing tomorrow. The problem isn’t usually a lack of good ideas. Initiatives take too long, non-strategic projects get greenlighted at the expense of game changers, dynamic ideas remain captive in the heads of employees. We often tell our clients “IF YOU CHANGE NOTHING, NOTHING CHANGES!”
FAILURE TO INNOVATE IN THE BUSINESS WORLD CAN LEAVE YOU LIMPING BEHIND COMPETITORS.
Developing innovative ideas is a critical activity for growing companies of all sizes. We often come across businesses in Gibraltar who fail to embrace innovation because they believe innovation is just for big companies that have ample resources and large research and development departments. This false belief prevents many business owners from effectively identifying and applying innovations in their organisations. As a result, small businesses may fail to identify valuable ideas that would assist them in growing a profitable company.
Richard Branson said, “Small businesses are nimble and bold and can often teach much larger companies a thing or two about innovations that can change entire industries”.
Here are five ways small companies can innovate better than much larger organisations.
1. Speed of execution
Small businesses can position themselves to make decisions quickly, allowing them to be first to market with innovative ideas. Instead of spending months or years evaluating new ideas and passing them through multiple departments, a flexible small business can make fast decisions regarding whether to pursue a particular idea. When a valuable idea is discovered, it can be developed quickly and launched to potential customers. This fast action distinguishes the business as an innovator, and causes its competitors to play ‘catch-up’.
This article has been republished in part with permission from The Gibraltar Magazine, to read the full article click here