Innovate to grow

The three basic skills behind innovation.

At Prentis & Co we can provide businesses in the Cambridge area with support and advice on a wide range of business issues. Here are some thoughts on business innovation...

It is often said that the driving force behind continuous improvement in a business is innovation.

Innovation requires three basic skills:

  1. Sensitivity to the marketplace - being able to read the trends and identify emerging needs
  2. Inventiveness - the ability to develop a creative response to those needs, either by introducing a new product or service or by adapting existing ones
  3. Positioning and timing - the art of introducing the new product or service into the marketplace in the right place and at the right time

One of the most significant trends to emerge in the marketplace in recent years is that of increased time pressures combining with greater spending power among the working population. In other words, people are increasingly cash-rich, but time-poor.

Here are some examples of the way the retail sector has adapted to meet these new needs:

  • Supplying high-end prepared foods, such as microwave dinners or oven-ready meals, for busy consumers for whom both the convenience and the brand add value. Though targeted at narrower sectors of the market than traditional 'convenience foods' are, these products can command premium prices and so provide higher margins. Examples include Sainsbury's 'Taste the Difference' and Tesco's 'Finest' ranges.
  • Taking advantage of convenient locations or existing 'fast trade' to create one-stop shops where busy consumers can avail themselves of a number of fast track services under one roof. Again, the speed and convenience are often combined with top brands to leverage premium prices. A good example is a petrol station selling top-of-the-range grocery items, CDs and so on.

It is not difficult to see how these principles can be applied to other sectors - the key point is to stay in touch with your market and be flexible enough to adapt to its needs.

If you are in the Cambridge area and are looking for support and help from experienced accountants and business advisers, contact Prentis & Co.

Copyright

© 2018 Prentis & Co LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
(01223) 352024

Quick links

Site map | Accessibility | Disclaimer | Privacy | Help |

Address
Prentis & Co LLP, 115c Milton Road, Cambridge CB4 1XE

Limited Liability Partnership No. OC 333362 Registered in Cardiff. Prentis & Co LLP is registered to carry on audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.