Practical Steps for SMEs to Embrace Innovation
15th January 2025, 7:22 pm
Innovation is often seen as complex and overwhelming, but at its core, it’s about solving problems and finding better ways of working. For small and medium-sized enterprises (SMEs) in Greater Manchester, it can unlock opportunities, enhance productivity, and keep businesses competitive in a changing world. The challenge lies in knowing where to start. This article provides practical steps to begin your innovation journey, drawing on insights from Trafford and Stockport College Group’s (TSCG) experience delivering the Greater Manchester Further Education Innovation Programme (GMFEIP), funded by Innovate UK.
Why Innovate?
Innovation isn’t just for tech giants or large corporations. For SMEs, it’s a way to remain relevant, tackle challenges, and seize new market opportunities. Whether it’s streamlining operations, developing new products, or improving customer experiences, even small changes can yield significant results.
Practical Steps for Getting Started
- Understand Your Current Position Innovation begins with understanding what you do well and where there’s room for improvement. Take time to review your operations, customer feedback, and market trends to identify gaps and opportunities.
- Engage Your Team Your employees are often the best source of ideas. Foster a culture where suggestions are welcomed, and experimentation is encouraged. Innovation thrives when people feel empowered to contribute.
- Focus on Small Wins Innovation doesn’t have to mean a complete overhaul. Start with small, manageable changes—like automating a repetitive task or improving an existing process—to build momentum and confidence.
- Collaborate and Learn Tap into external expertise and networks. Programmes like Greater Manchester Colleges FEIP offer tailored workshops, expert advice, and access to innovation technologies and resources that can help guide you through the process.
Real-World Example
A local business recently attended one of TSCG workshops on Artificial Intelligence (AI). As an L&D Manager much of his time was spent devising training programmes and training content. By implementing just one AI tool, he reduced the time spent on routine tasks from days to hours. This allowed him to focus on the joys of training delivery to improve team efficiency and skills.
A Long-Term Perspective
Innovation is not a one-off activity; it’s a mindset. By committing to continuous improvement and staying open to new ideas, SMEs can build resilience and adaptability, ensuring they are well-positioned for future challenges and opportunities.
Could an Employee Ownership Trust be the Right Succession Plan for Your Business?