Redefining the Innovation Agenda
The Canadian Federation of Independent Business (CFIB) recently released, “Beyond the Big Idea: Redefining and rethinking the innovation agenda”. In it they said, “there is widespread agreement on the importance of innovation. Small business owners are nearly unanimous in saying that innovation is the key to a strong economy, with 97% agreeing or strongly agreeing. It allows firms to grow, thereby boosting job creation, improving employee salaries, increasing productivity and encouraging both foreign and domestic investments.”
“SMEs are uniquely placed in the marketplace to carry out innovative activities. Their size means they are often better able to quickly react to a changing environment. Small businesses are more in tune to the needs of their customers, and are able to develop products and services accordingly.”
What is innovation and how do I get it?
“Small business innovators will first look inward when making innovative changes. When asked what kinds of innovations they carried out in the past five years, the most common answers had to do with:
• the improvement of existing services (57%)
• the improvement of internal business practices (50%)
• the creation of new business practices (40%)”
If done correctly all of these should lead to improved profitability. Otherwise, why bother?
56% – 82% of small business owners believe their business is innovative. More than 80% indicated they had implemented an innovative change within the past five years.
Where can small business show innovation?
• marketing (my favourite, of course!)
Which type of innovation are you going after in 2017?
The more mature your business, the more innovative you need to be… or risk being left in the dust. See how you can cut through the (overwhelming) clutter and get the support you need.
This cheery Marketing Moment was brought to you by Wendy Marlow and The Art of Marketing.
Happy Holidays! See you in 2017.