Business innovations in SMEs for newer and better results

To stay on the path of development and achieve consistency in the growth chart, the need for coming up with innovative business ideas is very crucial for organizations, irrespective of the business size and background.
Every industry in the market is susceptible to various changes with new technologies, new,  many similar such things constantly flooding the market. 

It goes without saying that these changes will affect the enterprises in the market as a whole, thus making it necessary for every business to develop and implement new innovative ideas.
Well, the enterprises in the market are separated into 3 categories

  • Small enterprises
  • Medium enterprises
  • Mega enterprises

Small and Medium enterprises are together known as SMEs. So we can say that majorly there are 2 categories, SMEs and Mega enterprises.
Now, there is disbelief among the SMEs that creating innovative ideas is only suited to Mega organizations. 
The reason behind such misconception is their perception which is “Mega industries are equipped with surplus capital, research and development team thus can only be achieved by them” which is true but it doesn’t make SMEs any less from them.
Though Mega industries are well equipped as mentioned but the SMEs have an upper hand in than the Megacorporations.
Definite and innovative business ideas for SMEs 
“A business has to be involved, it has to be fun, and it has to exercise your creative instincts.” – Richard Branson, Virgin Group
Small business entrepreneurs can apply new innovative business ideas for a sturdy and dynamic growth of their enterprise. Let us proceed further with distinct and innovative business methods for SMEs.
Find out: How to generate more time and capital for SMEs?
3 ways by which SMEs can overtake mega enterprises in business innovations

  • Dynamic process or workflow

Small and medium businesses do not have multiple departments like the ones in mega-corporations and thus gives them a front foot on the decision making part. 
The advantage of this to SMEs is the faster implementation and execution of their innovative business ideas or not, without facing the hassle of waiting for permission from various departments.
When an innovative idea pops up in SMEs, the discussion is carried on among the members on its development, advantages, soon the decision is made whether it’s gonna be deployed or not in the market.
In either, the process is fast and smooth, saving much time and energy which can be invested in other important factors of the business.
This makes the business stay ahead of the competition and thus bring their business approach faster and elegantly in the market.
Find out: How does a Cloud ERP simplify the workflow for SMEs?

  • Every team member is a valued and integral part of the system

When your business falls under the SME category, you have the advantage of including every member in whatever tasks the organization is working on and also get their opinion on the context.
This makes every team member a valued and integral part of the enterprise. The advantage of this is a boost in the motivation of your employees, making them contribute more efficiently with productive results.
Talking about mega enterprises, they have a slightly different approach in which various departments are involved but it’s not possible for them to include every member from every department into the discussion.
Thus making some of the workforces feel left out, affecting their morale and thus affecting their work efficiency and result delivery. 
Every individual can contribute a different experience and perspective helping in building a strong foundation of the business idea. Such an approach will also boost the delivery pace with increased efficiency and growth. 

  • Easy allocation of tasks to the team members 

The allocation of tasks is a very easy and swift process in SMEs as the number of departments is not much. Access to the resources is also available as soon as the business innovation strategy is planned.
Collaborating with more than one department makes the implementation of the idea easy, and reallocating the employee for the assigned project which also saves precious time for the organization.
These tasks are easy for small and medium-sized enterprises but we cannot say the same for mega enterprises. 
Mega enterprises have many product lines and departments, it’s not easy to reallocate the projects to different employees as it will consume time and will disrupt the time management.
SMEs are able to reallocate their projects on a temporary basis if it’s for a demanding situation which leads towards the growth of the enterprise.
Find out: Connect your entire business with a Cloud ERP system
Conclusion: SMEs have greater flexibility than mega enterprises when it comes to innovating new business ideas and also for implementing them efficiently. 
If we follow the above points, business efficiency will get better with increased productivity in the long run.