IInnovation is the key to remaining competitive and future-proof among SMEs. My experience: Innovations don't necessarily have to involve large investments or radical upheavals. Rather, sustainable success can be achieved through creative approaches and gradual adjustments. A well-thought-out innovation strategy serves as a guideline for developing, managing and implementing ideas in a targeted manner.
The basis for successful innovations lies in a corporate culture that promotes creativity and sees mistakes as a learning opportunity. Employees should be encouraged to contribute new ideas, which are tested for their feasibility. Open communication and flat hierarchies help ensure that innovations are driven forward not only by management level, but by all employees.
Small and medium-sized companies often do not have the resources for extensive research and development projects. However, they can benefit from external ideas through cooperation with universities, start-ups or other companies. This can take the form of innovation competitions, hackathons or joint pilot projects. For example, automotive supplier Schaeffler is developing new materials and production processes together with universities. It is important that such initiatives are supported by management, as open innovation often requires organizational adjustments. A first step can be to open up the collection of ideas to all employees and to introduce regular innovation rounds.
Innovation doesn't always mean big breakthroughs. It is often continuous improvements that make the difference. Regular feedback from customers and employees helps to make existing products or services more efficient and customer-oriented. Methods such as customer surveys, analysis of user data, or product testing can provide valuable insights.
Modern software solutions can help structure innovation processes and make them measurable. They make it possible to systematically capture, evaluate and implement ideas. The spectrum ranges from platforms for internal idea collection to project management tools and comprehensive innovation management systems.
Medium-sized companies are characterized by flexibility and innovative spirit. It is particularly important to use this potential in challenging times in order to stand out from the competition and open up new business areas.
I would be happy to provide you with individual consulting services to develop and implement your innovation strategy together.
Case studies from SMEs can be found in this published in 2019 publication, who Innovation study Steinbeis University and at KfW. Let yourself be inspired!
