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What is Business Innovation?

WHAT IS INNOVATION AND WHY SHOULD YOU INNOVATE? Innovation should help your company perform and grow by improving its efficiency, productivity and quality. You don't necessarily have to make a dramatic change; instead you could start by simply improving old procedures. In•no•va tion Noun 1. The introduction of something 2. A new idea, method, or device INNOVATION CAN HELP YOUR COMPANY IN A NUMBER OF WAYS WE ASKED UK SMALL BUSINESS WHAT THEY THOUGHT 41% said that "Innovation is central to a successful business". 13% think that it helps motivate employees. feel that innovation helps 33% them achieve higher profits. say that innovation 37% contributes to every part of their business. #1 FIRM said that their business is going to be 44% more successful in the future because they plan to focus on innovation. WHO IS INNOVATING? ! 33% of companies who employ 50 or less workers see innovation as a high priority within their business. Is your company making the most of its employees' innovation? 41% of small businesses have a suggestion box which has ideas 20% in it from time to time say that innovation isn't part of their business plan at all 8% Only 8% say that they capture ideas and implement them 2013 With 33% of the same businesses thinking that innovation will become more important in the next year it's time to get ahead of the crowd by starting now! CASE STÜDIES MADE Furniture retailers www.made.com have transformed the industry since their founding on 21st March 2010, by offering designer furniture without the astronomical prices. They offer their customers a new and affordable way to buy furniture with no middle men, no warehouses and no physical stores. They help their customers save money by: • Connecting them directly to the designers • Only manufacturing to order • Ordering in bulk every 7 days ECOEGG The Ecoegg is an innovative laundry product that has trebled turnover in its first 12 months. Founders Dawn White and Rob Knight came up with the idea for the revolutionary product by incorporating the need for it to be: environmentally friendly inexpensive - one egg lasts 720 washes! kinder to your skin As the winner of the Smarta 100 award for Innovation last year, the Kent-based company plans to continue its expansion into recognised high street stores. GRAZE In early 2009 seven friends launched Graze, the UK's first company to deliver healthy food by post. Innovation has been fundamental to the business from the product itself, where customers have a choice of 150 different foods to create their own healthy snack boxes, to the way it is packaged and delivered, small enough to fit through a letterbox and delivered directly to the workplace when you are likely to reach for other unhealthier options. After just 6 months, Graze revolutionised the healthy snacks market, delivering 80,000 boxes a month and already has over 15,000 subscribers. SOURCES www.merriam-webster.com/dictionary/innovation?show=D0&t=D1357210807 www.bia.ca/what-is-innovation.htm www.made.com, http://www.facebook.com/Madedotcom/info www.ourcommunity.com.au/files/nfpSyergy.pdf www.thinkwithgoogle.co.uk/quarterly/innovation/8-pillars-of-innovation.html www.management.about.com/od/businessstrategy/a/Innovation_2.htm www.graze.com/uk/ www.dfjesprit.com/news/news-article-2/ www.smarta.com/smarta100/2012/ecoegg www.ecoegg.com/ premierline direct BUSINES S INSURANCE A company of Allianz M WHAT IS INNOVATION AND WHY SHOULD YOU INNOVATE? Innovation should help your company perform and grow by improving its efficiency, productivity and quality. You don't necessarily have to make a dramatic change; instead you could start by simply improving old procedures. In•no•va tion Noun 1. The introduction of something 2. A new idea, method, or device INNOVATION CAN HELP YOUR COMPANY IN A NUMBER OF WAYS WE ASKED UK SMALL BUSINESS WHAT THEY THOUGHT 41% said that "Innovation is central to a successful business". 13% think that it helps motivate employees. feel that innovation helps 33% them achieve higher profits. say that innovation 37% contributes to every part of their business. #1 FIRM said that their business is going to be 44% more successful in the future because they plan to focus on innovation. WHO IS INNOVATING? ! 33% of companies who employ 50 or less workers see innovation as a high priority within their business. Is your company making the most of its employees' innovation? 41% of small businesses have a suggestion box which has ideas 20% in it from time to time say that innovation isn't part of their business plan at all 8% Only 8% say that they capture ideas and implement them 2013 With 33% of the same businesses thinking that innovation will become more important in the next year it's time to get ahead of the crowd by starting now! CASE STÜDIES MADE Furniture retailers www.made.com have transformed the industry since their founding on 21st March 2010, by offering designer furniture without the astronomical prices. They offer their customers a new and affordable way to buy furniture with no middle men, no warehouses and no physical stores. They help their customers save money by: • Connecting them directly to the designers • Only manufacturing to order • Ordering in bulk every 7 days ECOEGG The Ecoegg is an innovative laundry product that has trebled turnover in its first 12 months. Founders Dawn White and Rob Knight came up with the idea for the revolutionary product by incorporating the need for it to be: environmentally friendly inexpensive - one egg lasts 720 washes! kinder to your skin As the winner of the Smarta 100 award for Innovation last year, the Kent-based company plans to continue its expansion into recognised high street stores. GRAZE In early 2009 seven friends launched Graze, the UK's first company to deliver healthy food by post. Innovation has been fundamental to the business from the product itself, where customers have a choice of 150 different foods to create their own healthy snack boxes, to the way it is packaged and delivered, small enough to fit through a letterbox and delivered directly to the workplace when you are likely to reach for other unhealthier options. After just 6 months, Graze revolutionised the healthy snacks market, delivering 80,000 boxes a month and already has over 15,000 subscribers. SOURCES www.merriam-webster.com/dictionary/innovation?show=D0&t=D1357210807 www.bia.ca/what-is-innovation.htm www.made.com, http://www.facebook.com/Madedotcom/info www.ourcommunity.com.au/files/nfpSyergy.pdf www.thinkwithgoogle.co.uk/quarterly/innovation/8-pillars-of-innovation.html www.management.about.com/od/businessstrategy/a/Innovation_2.htm www.graze.com/uk/ www.dfjesprit.com/news/news-article-2/ www.smarta.com/smarta100/2012/ecoegg www.ecoegg.com/ premierline direct BUSINES S INSURANCE A company of Allianz M

What is Business Innovation?

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Premierline Direct recently carried out a survey among businesses throughout the UK to gauge their attitudes towards innovation in the workplace. Here are their results.

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