HOW SME BUSINESSES CAN GROW IN THE NEW NORMAL?

Ready, set, thrive! 

One sector of the economy best positioned to adapt and survive is SMEs, as tend to be more customer orientated and understand the needs of the local community. 

So how can they move forward? What are the key challenges? And where are the future opportunities? Here at Sales and Loans Brokerage has teamed up with product design consultancy Consult, Inquire, and Apply Framework to identify 3 issues affecting SMEs today, and explain how to design technology that can help protect entrepreneurial creativity and investment:

Collaboration: think carefully before sharing your industrial know-how. Toward the start of the COVID pandemic, numerous SMEs enhanced to help the creation of hardware hard to come by. This was particularly obvious in the assembling of ventilators and emergency clinic hardware. A lot of this advancement depended on figuring out – existing innovation that is then adjusted to make another item. It likewise was a synergistic period were organizations that recently had no reason to cooperate, did. In the midst of an emergency, this sort of workspace is rousing and vital.

Goodwill innovation: remain focused on your entrepreneurial roots. Companies often feel the pressure to be innovative and ahead of the curve, especially in the midst of a global pandemic. It may feel selfish, but by putting IP at the core of your entrepreneurial roots you will help protect long-term investment and market share. If you think that you are helping the greater good of the community by omitting to cover your invention by employing IP rights, it may ultimately backfire – a competitor could still copy your innovation and register the IP themselves. Ownership gives you the power to decide whether to monetize or allow the community free access to those IP rights.

Rushing to market: resist the pressure to cut corners. This can be frustrating when a business can see a new opportunity, but we urge you to resist the impulse to rush the process of product development and its launch. This process is described in more detail in this article, but completing a feasibility study will help test technology functionality, appropriate and cost-effective manufacturing methods, or identify if further analysis is required. Once this is agreed patent, trademark, and registered design rights can be filed, and the product can be securely unveiled to the world.

Keeping a close watch on cash flow is especially important during uncertain times, but there are a number of additional resources and initiatives you can utilize to ensure that an innovative business survives and thrives. You can find more information here.

Creatively inspiring business. Nobody can accurately predict the future business landscape in our post-COVID world but by developing, investing in, and protecting today’s inventions, we generate the revenue that will support tomorrow’s innovation. The SME community will manage and adapt to those changes. How we work, live, and spend our leisure time. These are the big questions in entrepreneurs’ minds. We want to be part of this process. Let us be your innovation enablers.

If you would like to discuss this article in more detail, please contact us or visit our website.