Innovation in business has always been an important factor for success. However, a lot of companies don’t invest heavily, if at all, in innovation within the business. A resistance to change is often the main reason businesses remain stuck.
Here, you’ll discover why resistance of change could be hampering business innovation. We’ll also look at why it is more important now than ever before as we experience a global pandemic.
Why is resistance to change hampering innovation?
Recent research conducted by RSM has shown that innovation is viewed as a key to success in business. The company surveyed 791 businesses across 33 different European countries. The goal was to see how important they felt innovation was and what barriers stood in their way.
It was discovered that the top reason innovation is stunted is business is down to management’s unwillingness to change existing operations. Another reason cited was that there isn’t enough young talent, with 60% believing that employers need to take more responsibility for bridging the skills gap.
While it’s natural to want to avoid change, it could seriously be damaging your company’s growth if you don’t focus on innovation. To innovate, you need to be willing to take risks and do what’s needed to bring about change.
Why is innovation important right now?
Innovation is always important in business, but it’s even more crucial right now. The global coronavirus pandemic has shown just how vulnerable the economy is in light of a crisis. Many businesses have been forced to innovate and change their operations in order to keep running.
Without innovation right now, businesses could be forced to close. The virus has brought about a new way of working, such as switching to digital operations. The ones that are open to innovation are the ones that have remained successful throughout the pandemic.
So, while the economy may be struggling right now, innovation could help to secure its future. The question is, how can you focus on innovation in times like these?
How to focus on innovation right now
Now is the perfect opportunity for businesses to focus on innovation. While one of the key barriers to innovation right now is finances, help is available. The government has offered an unprecedented help package for businesses.
The help package focuses on businesses which are driving innovation and development. It consists of £1.25 billion, including a £500 million investment fund. This is designed for businesses impacted by the crisis.
So, if finances were a main barrier to innovation, businesses can take advantage of this government help package. You can use it to grow and develop new ways of working. It could also be used to develop new products within the industry.
Companies need to be willing to take the risk and focus on innovation right now. If not, they risk getting left behind, or worse, forced to close completely. The right innovation protects the business and helps it to grow. No business could succeed without some level of innovation, particularly during difficult times.