The forecasts are currently putting beads of sweat on the face of many SMEs: falling exports, low economic growth (if any), rising energy prices, uncertain supply chains. But the glass is also half full: SMEs are more flexible than large corporations and can therefore take advantage of unused opportunities more quickly. One option: to drive research and development forward so that optimized or new products can be offered quickly.
Are you one of the medium-sized companies that invest in research and development? Then I would absolutely like to encourage you to increase these budgets in the current situation and to focus on this. Because our world is changing much faster than expected just a few years ago. Among other things, this influences the life cycle of products and services and the demand of your customers. Or would you have thought that the end of internal combustion engines and the associated massive upheavals in the automotive sector would come so quickly? And that is just one example of many.
In my opinion, it is therefore all the more important to invest time, money and brainpower to make companies and their products fit for the future. Ask yourself questions over and over again, for example
It is also important to constantly review ongoing research projects for their success and market prospects and to part with anything that promises low profitability, even though a lot of time and money has already gone into it.
And what is worth investing in? One possible indicator is a look at the sectors that are on the upswing. These include, for example
If your new or optimized products can find a sales market here, you should definitely keep up with your research and development.
Do you specialize in products whose future is uncertain or that are likely to disappear from the market in the next few years? There's no need to panic. For customers like you, I recommend that you sign up with Design Thinking because what doesn't disappear is your know-how. Perhaps the same machines can be used to produce more promising products. Perhaps a change in production methods, other raw materials or shortened supply chains would breathe a breath of fresh air into your product.
A joint brainstorming session helps you to make more of your company's potential. So feel free to contact me directly or use my hybrid consulting service.
And one last idea: Perhaps your research and development staff is not enough to drive forward promising projects — or you lack an appropriate department. One possible solution: Look around for partners. They don't necessarily have to be big or well-known players. In recent years, many startups have achieved surprising things (the best example is Biontech) — perhaps a reason to research and explore more intensively here. One website that I like to visit again and again is innovationorigins. In addition to interesting innovations, you will also find information about funding opportunities to obtain larger research budgets.
We sincerely wish you inspiring holidays and a happy and successful new (business) year
Yours Susanne Kremeier
