1.3.6 How to start exploiting innovation possibilities in a local scale for small enterprises?

Here is a list of advices from which you can select the useful ones for yourself:

  • Use sources of creativity. Use the creativity and ideas of your colleagues and family-members. Use the creativity-booster and brainstorming techniques for achieving innovation1.
  • Share ideas. It worth it to look for networks to share ideas and collaborate. Enterprises operating in local markets far away from your potential customers do not threaten your income2.
  • Analyse resources. You also can use the time you gain because of the slower pace of the market to analyse your existing resources. If you make a self-evaluation based on the cash-flow, fluctuation, number of sick days, personal experiences of the employees through individual or focus-group interviews, you can redesign your resources knowing what exactly you can build on in order come up with something new, to develop your products or services.
  • Save them money. Point out how your target clients will save money for their company or their pocket. In an economic crises, people will spend on those products they understand they are actually saving money with at the same time. Either because the price is reduced, they receive something extra, or the quality is guaranteed for a longer time. Keep in mind that less people are willing to risk, but they are open for solutions that worth it more.
  • Find new fields. Analyse the circumstances and take risks proactively in brand new fields where you don’t find existing competitors
  • Prepare a new service/product. You can use the time and resources for preparing an innovation. Think about the advantage in case of a positive economic wave, if you come over your competitors by launching a new service or product immediately when the willingness to purchase comes back.
  • Save. Analyze thoroughly the financial processes, credit and tax situation. Try to grab every opportunity to save money. Always consider how much extra you need to produce and sell for gaining 1 euro by tax- and interest-savings. Also consider how much time does it take you to realise or receive this extra sum, and what is the possibility at all of receiving it.

 


1 For more details about enhancing creativity, see module 4 of this Guide
2 For more details see module 11. Types of Innovation Networks of this Guide