UK SME Business Innovation Strategy Webinar Growth Expert Tips Launched

A webinar has been launched to help UK SMEs overcome the challenges they are facing. Innovolo says businesses that foster a culture of innovation are more likely to survive post-succession.

A leading UK consultancy that helps businesses and entrepreneurs turn their innovative ideas into a reality has launched a new webinar with a leading business coach aimed at Small to Medium Sized Enterprises (SMEs). Innovolo Ltd offers product development and design services alongside business development and strategic advice.

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The newly launched webinar is designed to help UK-based SMEs get ahead while their competition may be floundering in the aftermath of the global pandemic. Renowned international business coach Mark Wardell joined Innovolo for the webinar aimed at helping business owners tackle the current challenges they may be facing.

In addition to the webinar, business owners, entrepreneurs, and SME managers can view the Innovolo ‘Innovation Value Pyramid.’ This enables people to establish how likely their business is to survive post-succession and how they can improve their chances.

The expert team at Innovolo suggest that as the business moves from one level to the next, risk is reduced while the value of the business increases. The pyramid concept can help business owners to consider the value of their business from the perspective of a potential buyer.

Level one businesses, or businesses with owner-driven innovation are potentially at risk from collapse if there is a succession. This is because the business is highly dependent on the owner instead of systems or processes.

People-driven innovation is run by key people, which reduces the risk of failure after a succession. However, there are risks for SMEs if those key individuals are relied upon too heavily, for instance, they could take important information with them if they leave.

Level three businesses implement process-driven innovation, which means innovation is run by systems. This greatly reduces the risk of failure after succession as R&D operations can continue regardless of whether key individuals remain in place or not. This type of business has more inherent value than the first two levels.

Lastly, level four businesses see innovation driven throughout its culture. This is a combination of people and systems to make innovation happen. Businesses that achieve this are viewed as a pure investment and offer a culture of excellence.

Once a business owner has determined the level their business is at, they can move forward in developing and executing a succession plan that will work.

A company spokesperson said: “While SMEs and business owners around the UK continue to reel from the effects of COVID-19 and the resulting economic fallout, now is the perfect time to innovate within your business while your competitors are gradually returning to work. Planning now will be critical to your survival in the coming weeks and months.”

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