A recent report produced by Bankwest found that over 61% of businesses say that innovation drives strategy in their business and that over 87% of businesses are embracing innovation to at least some extent in their strategy and culture.
When asked what innovation means to their business, most common responses to the survey were:
• Growth and success (49.8%)
• Improving existing products and services, building customer loyalty (44.9%)
• Streamlining process and reducing inefficient work processes (44.0%)
The survey concluded that it was clear that innovation is deeply entrenched in the culture and strategy of businesses that are striving for growth. With this in mind, businesses who fail to innovate will be rapidly left behind by their competitors who are constantly innovating to deliver better products to their customers and striving to become more efficient.
The report identified five practical tips for innovating on a budget that businesses of all sizes can embrace which are:
1. Return to ‘old school’ ways of doing business
2. Encourage creative ideas from everyone in the business
3. Use social media and word of mouth to advertise
4. Automate manual processes using software where possible
5. Facilitate staff training and education
A core principal at Maddock’s Accounting & Advisory is that we embrace innovation to continually improve our services but actively identify opportunities where innovation can be used for the benefit of all our clients. Our team has the capability to provide the strategic insight and guidance for businesses looking to innovate but specialises in advising clients on ways that they can automate manual processes.
Contact the Maddock’s Accounting & Advisory team here to find out how we can help.
See the original report here