Small to Medium Enterprises (SMEs) are still failing to innovate, and those that don’t keep up with the creative and innovative pace will inevitably fall behind.The intense competition that SMEs face requires them to reconsider their competitive positions and embrace innovation to enhance business competitiveness.
Step 4: Overcoming fears over cost-cutting within your innovation agenda
Typically, cost-cutting is an expression that frightens employees. It often suggests salary reductions, job cuts and increased individual workload. When introduced in your innovation agenda, you should thus ensure that both real needs and strategy are understood across the organisation, consistently framing any cost-cutting goals.