Sunday, April 19, 2009

SMEs - the recession and innovation

SMEs are like large business, they too struggle during a recession. However, they have the freedom to make decisions and move in new directions quickly.

Entrepreneurs, some of whom have gone into a form of hibernation once their businesses are up and running, can resurrect that entrepreneurial drive and try to innovate within their businesses.

However, they should not ignore a major source of innovation, the staff. Too often SME owners think that their success is purely due to their own efforts, but they could be missing opportunities. Consult with your staff as a group, and individually. Get your staff involved. Explain the situation to them and ask if they have any ideas or suggestions. You will be amazed at what comes out of these sessions at times.

Do not take your staff for granted. At times you become immersed in the day-to-day problems to the point that you cannot see the opportunities for improvement. The question is surely, what do you have to lose? Nothing - so give it a bash.

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