SME Success Guide innovation

Rule 2: Make time to focus on innovation and technology

As a smaller business, you’re always evolving. And – due to your size – you can be nimbler than your bigger competitors. Make time to actively explore new ways of embracing innovation and the latest technologies that could take your business to the next level.

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SME Success Guide innovation

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As damaging and disruptive as it has been, COVID-19 provided a catalyst for a lot of businesses to innovate and re-evaluate their products and services. We’ve already seen many impressive examples of this during the pandemic, such as restaurants creating home delivery services from scratch and manufacturers overhauling their setups to make PPE on a large scale.

Looking forward, make special time to deliberately think about how your business can further innovate, whether that’s through using new technology, adapting your products, or changing processes. At the same time, ask yourself when you last innovated and assess what innovation could really look like in your sector.

For instance, should your sector have to abide by certain social distancing measures, how could you use technology to help a remote workforce stay productive? Could you further integrate technology into how you gather, measure, and act upon customer feedback? Are there ways customers could access your products or services without having to visit you onsite?

However you choose to innovate – from navigating new working conditions to developing stronger connections with your customers – it’s important you remain alert to innovation opportunities and stay nimble enough to take advantage of them.

Free resources

We have partnered with Innovate UK to provide a free webinar that discusses how small businesses can innovate and use technology to adapt to life after lockdown greater detail. Alongside exclusive insight, attendees will get the chance to ask questions directly to our experts.

Click here to sign-up for the webinar..

Six Rules for SME Success

Small businesses will be the driving force behind the UK’s recovery from the COVID-19 crisis.

To support businesses through this period, Allica Bank has produced an independent report in partnership with the Centre for Economics & Business Research (CEBR). We have identified six key business drivers that will empower SMEs to succeed in a post-COVID world.

Each rule is backed up with actionable insight, expert analysis, and data from over 1,000 leading UK small and medium-sized businesses.

Download the SME Guide to Success

We’ll email you the guide to the address you provide below.

Join our webinar to learn more about using SME innovation

“You don’t need a team of software developers or lab technicians to be innovative. Some of the best innovations come from simply reimagining your existing products or services, or finding new markets to sell them in.”

Chris Weller
Chief Commercial Officer at Allica Bank