Driving innovation in your business the new normal – Part 2

The previous article focused on the shift that COVID-19 has brought to businesses across multiple sectors as well as a starting framework for thought around innovation. To wrap it up, part 2 will focus on why SMMEs struggle to innovate at scale and how to overcome this challenge.

SMME’s lack a systematic and strategic app roach to scale and have a limited understanding of the activities, skills, and resources required at each stage of the scale process.

Broadly, there are four areas of the business that need to be looked at as part of the journey to achieving scale:

1. Innovation mindset

As an owner and a pioneer, you need to believe and commit to innovation led growth. It’s one thing to know that change is needed but, another to believe it.

2. Effective systems and processes

By incorporating automated systems into your business, you can leverage power of technology to help reduce the time and energy spent on mundane and repetitive tasks. This can help free up time to focus your attention and skills where it matters most- running and growing the business.

3. Build great team and create the right culture

“Team work makes the dream work”. It is important you bring in people with right expertise and knowledge. This can through hiring of new employees or striking partnerships with individuals that have the relevant expertise.

4. Accurate and timely management information

“What can’t be measured can’t be improved”. Without any knowledge on how the business is performing there will be no way of identifying where opportunities lie and how they can be captured.

The only thing guaranteed in life is that there will always be change. As a business it is important that an innovation mindset be adopted as we transition into the new normal. As you consider driving innovation, let Onyx Co be your thought partner on this journey.