A new study has been released by Intuit and written by Emergent Research that shows a pressing need for small businesses to innovate to find success. With the web making it easy for anyone to go into business, competition has never been so prevalent. How important is innovation to success?
Luckily for entrepreneurs, they have the best means to be innovators according to the study. It says smaller size makes it easier and cheaper for a business to try new approaches faster than larger businesses due to these six enablers:
– personal passion – Personally invested, most small business owners are willing to try new approaches to make their business more successful.
– customer connection – A deep and direct relationship with the market and customers helps small businesses understand customer needs, identify new opportunities, and fix problems quickly and efficiently.
– agility and adaptation – Unlike large corporations, small businesses can quickly adapt to changing market conditions and implement new business practices.
– experimentation and improvisation – When pursuing new opportunities, many small business owners and managers aren’t afraid to experiment and improvise, accepting failure as part of the path to success.
– resource limitations – Small businesses are adept at doing more with less. And these resource constraints lend to their innovative mindset.
– information sharing and collaboration – Small businesses traditionally rely on strong social networks to share information and inspire innovative thinking.
“Innovation isn’t restricted to science labs and corporations. It’s the driving force behind small business entrepreneurship,” says Roy Rosin, vice president of innovation at Intuit. “Small businesses instinctively use innovation to create new products and services, efficiently manage their business or find and acquire customers. These innovations are the keys to their future.”
There are some good points highlighted by this report. Competition isn’t easing up. If you have new ideas, it’s time to stop sitting on them and start acting on them. There’s no telling which one could be a breakthrough for your business.