In our recent Family Business survey, we asked how often companies “felt pressure to adapt and innovate in order to keep up with an ever changing environment”. As I look at the results it occurs to me that one survey question cannot do justice to the vast subject of innovation.
There were some really interesting results from the original question. 38% did not feel any pressure to adapt or innovate at all. A further 11% felt that they “sometimes” felt the need to adapt or innovate.
As ever with surveys, the original question can often prompt secondary questions, such as in this instance “What might trigger that pressure?” or “What activities did you undertake (if any) in order to address these pressures?” The unfortunate fact is that, there wasn’t room for any secondary questions (By the way, please let me know if you’d like us include any next year!)
A third question that occurs to me is “How come you don’t feel any need to adapt or innovate?” It strikes me that not having to adapt or innovate is a lucky position to be in. Do these respondents not have competitors?
The “trigger” for this pressure could come from an external competitive threat, or it could come from an internal desire never to stand still. Those familiar with the “Kaizen” mentality will be aware of the success that businesses have had when they look for any opportunity to “change for better”.
It’s also important to consider the scale of innovation. A bagless vacuum cleaner is a different innovation proposition to the decision to open a retail premises 10 minutes earlier, but they are both answers to a really important question “What happens if we change ………?”
I encourage business owners to ask this question the whole time. The photograph at the head of this article comes from a client who shared with me his desire to innovate. Glencroft are specialists in sheepskin and woollen goods.
Their sheepskin chair is an amazing statement designed to capture imagination and awareness amongst those who appreciate the luxury of natural materials. The company are committed to promoting British manufacturing involving high quality sheepskin. The results look pretty good to me!
Part of the advisory support we provide at Armstrong Watson is to consider small changes and tweaks that refine the systems and processes that drive any business. We often refer to these tweaks as the “1 per cents”. What small innovations can you make that will result in 1 percent improvement? This might be for any metric within the business. How to increase footfall before midday? How to save minutes in an hour-long manufacturing process?
Even if you don’t feel any pressure to innovate, are you sure there’s no benefit in innovating anyway?
If you'd like to discuss unlocking potential through innovation, contact Nick
