Innovation in Business: Why Businesses Need To Embrace Change
- 06 Jul 2018
Innovation throughout the centuries has paved the way for future developments. What one scientist or technician has created, another can build upon and take further a few years later. Within the last ten years, we’ve seen mobile phones, in particular, change dramatically from large, bulky models to those which fit seamlessly into the smallest of bags. As a business owner, you need to embrace change and the reasons why are as follows:
Become Market Leaders
Developing and enhancing new and current products and services is one way a business can position themselves as a leader within their market and industry. Apple, for example, created the first iPhone in a completely new, unrivalled way, which cemented their place as one of the world’s most popular smartphone providers. If your business can create an entirely new concept, one which the world has never seen before, and never knew it wanted, you will be the name on everyone’s mind.
A Winning USP
Consumers expect change in the 21st century. They are highly critical of businesses who adopt and use outdated methods and practices, whether it’s their production line using old machines which are environmentally damaging, or how they conduct marketing campaigns. While retro design does have a certain appeal, it’s also teamed with innovative solutions to create something the market wants. Using innovation as your brand’s USP will attract the attention of a wider audience, one which is more likely to dig deep for your latest products and services. Innovation drives your profit margins higher and higher.
However, a business which is driving innovation needs to be economically sustainable as well. A company which wishes to drive forward cyber security will need the money to continue their work because if the capital runs out before the real change is found, it is not only a waste of time but of money already spent. There is the HMRC tax credit, known as Research and Development Tax Credits (R&D), which may be claimed by companies spending money to develop new services and products. Companies such as R&D Tax North West can help with claiming R&D tax credits; they can review previous RD tax credit claims, as well as help prepare and submit your claims.
The Possibilities Are Limitless
There is rarely a product or service which can’t be improved or developed. It’s this opportunity which means, whatever industry or sector, you have the chance to make a difference to the lifestyle of millions. The innovation and development of smart home technology has made it easier to keep track of our health and our homes, and it’s only set to continue to grow with experts predicting the rise of appliances which you can control entirely by speaking your request out loud. However, it’s not only digital innovation where possibilities are limitless. For example, if you are a food technician, finding alternatives for those with food intolerances can change the quality of life for millions.
Change is inevitable. Without innovation, our lives would be drastically different, and this is a reason why businesses must strive to improve and develop their products and services continuously. Not only will it boost your company to success but it will also help society grow further.