Innovation for Small Businesses

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Premierline Direct’s latest Infographic reinforces the significant role that innovation plays in the business strategies of prominent SMEs

What is business innovation and how to innovate?

How SMEs view innovation

We believe innovation to be of the utmost importance. We constantly challenge staff from all departments at every stage in their career, to speak up about ideas they have.

Companies are continually looking for new ways to stand out amongst their competition and stay ahead of the game. Premierline Direct have recently conducted UK-wide research to create a two-stage infographic to define innovation and illustrate how it could be used by SMEs to strengthen their offering year on year.

The first installment to be released guides businesses through the idea of innovation and explains why it will be so important in the coming year. Innovation can be described in two ways:

  •     the introduction of something
  •     a new idea, method or device based on previous practice but presented in a refined way

Simply looking at legacy protocol and updating processes can reveal ways to save money or increase profits by improving efficiency, productivity and even quality.

From the research undertaken by Premierline Direct, 41% of SME participants said that innovation is central to a successful business whilst only 8% said they capture ideas and implement them. This illustrates how important it is to encourage making innovation a more structured part of the business strategy and ultimately following an idea through to its conclusion.

Outlining the business expectations of an innovative concept can seem quite daunting but following a structured approach provides much needed guidance to staff and managers alike. Following this process, the end product is ultimately improved as the entire concept is fully explored, ensuring no steps are forgotten. Premierline Direct recommend the following six steps to innovation, detailed further in the second installment of their infographic.

Six Steps to Innovation
1.    Investigation
2.    Preparation
3.    Incubation
4.    Illumination
5.    Verification
6.    Application

The Managing Director at Premierline Direct, Ibi Moghraby says, “We believe innovation to be of the utmost importance. We constantly challenge staff from all departments at every stage in their career, to speak up about ideas they have. We relish the opportunity to implement new ideas and improve our standards and offerings whilst staff remain fully involved, ensuring a transparent and united front. We have achieved so much success with this approach that we recommend all businesses should try it.”

Premierline Direct’s research revealed that 33% of businesses think that innovation will become more important in the next year. To avoid missing out on an invaluable opportunity that is relatively untapped, act now to get ahead of the crowd.

About Premierline Direct
Premierline Direct is part of the global Allianz Group and provides cover to a wide range of industries from shops and offices to hotels and manufacturing, tailoring its insurance packages to meet the diverse needs of each business.

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Jazz Banger
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