SME INNOVATION: IT’S NOT JUST NEW PRODUCTS AND SERVICES

Small businesses have always been key drivers of growth in developed economies, and the UK is no exception to this rule. However, SMEs due to their company size tend to be impacted more by the macroeconomic climate, which is characterised by rampant inflation, soaring interest rates (which are being hiked to supposedly counter the cost of living) and falling disposable income levels across the length and breadth of the UK. Larger organisations can often absorb these shocks easier.

In this article, Iona Thomson, Client Director in Executive Education and Module Leader on Help To Grow: Management programme at the University of Liverpool Management School discusses the vital role that innovation plays in the survival and growth of SMEs and challenges common misconceptions about what constitutes ‘innovation’.

Being innovative is a key ingredient to any business’s success. However, with smaller budgets and arguably more constraints in terms of workforce and capacity, it is important that SME business leaders understand that innovation is very attainable on a smaller scale. To recognise that by harnessing and rewarding an innovative team mentality, will improve the business environment and overall performance.

Innovation doesn’t necessarily mean the development of large-scale initiatives, new products or services. Most innovation involves doing the things we do every day a little bit better rather than creating something completely new and different. Whether it’s executing a new marketing strategy, improving the efficiency of current processes and working practices or helping improve your customers’ experience, adopting an innovation mindset every day allows businesses leaders to look at their business operations and opportunities differently, to survive, thrive and grow. To enable innovation in your business, look at how you identify new opportunities, risk manage the development of these opportunities in stages, test new products or services, align resources and plan how to scale up.

Through this app, visitors will walk in the footsteps of the Reds’ founding father, John Houlding, and see where the first-ever dressing room was located. They’ll find the oldest remaining part of Anfield; discover the fascinating history of Stanley Park; learn more about some of the iconic figures who have helped to shape the club’s story. There is also chance to stop for some fantastic photo opportunities along the way.

To find out more about other experiences available at Anfield, including the awardwinning LFC Stadium Tour, visit https:// www.liverpoolfc.com/stadium-tours.

Help To Grow: Management programme at the University of Liverpool Management School is 90%-funded by UK Government to help SME leaders enhance their leadership skills and boost innovation and growth post-pandemic. Run over 12 weeks the programme includes online face-to-face sessions, 1-to-1 mentoring and peer support. Designed to fit around full-time work, the course is designed to helps SME leaders to drive profitability innovation and growth in their business.

Liverpool.ac.uk/HelpToGrow