While we’re used to hearing all the doom and gloom about the economy, it’s not often we hear about the silver lining. A survey amongst some of Britain’s leading business people has shown that there are in fact some positives to take from harsh economic times.
An Institute of Directors poll has revealed that more than half of Britain’s business leaders believe that the recession and ongoing low growth has created new appetite for innovation and creativity amongst UK companies. 57% believed that the unhappy economic outlook has pushed businesses to come up with fresh, creative and ‘out of the box’ ideas.
Many respondents also said that their own companies had started to employ innovative practices as a result of needing to adapt to harsh economic times. This was more common amongst young companies than their more established counterparts – 79% of directors whose companies were aged less than four years old believed that their businesses were more dynamic, agile and creative than their older rivals.
Simon Walker, the director of the IoD, commented that “innovation is absolutely crucial for companies looking to get through tough times… The pace of technological change in particular means that there are a lot of opportunities to find new efficiencies, develop new products and sharpen up services. This is a challenging period for most firms, and understandably a lot of directors are exploring every possible angle to help ride out the storm.”
This is of course something important to consider for SMEs in the UK who are looking for ways to adapt to the ongoing economic issues. Whether you’re looking for ways to finance your company or ways to be more efficient, looking for innovative solutions could see you out of the danger zone. Those companies who embrace change and look for innovation and growth are likely to emerge all the stronger when the economy eventually takes a turn for the better.