Experiment To Innovate And Succeed

In this competitive market, success of a small enterprise largely depends on its

innovative abilities, the manner in which it can launch new products at cost-effective price points and promote the same as distinct from the wide range of similar products available in the market. To sharpen ones innovative abilities and enhance entrepreneurial drive, small businesses need to experiment with their strategies and promote an encouraging work culture that will help employees to widen their vision and try out new things.

Try something new

In a world characterised by cut-throat competition, small entities need to incorporate new strategies as well as encourage a dynamic, self-sustaining culture of experimentation and innovation rather than sticking to their old ways of conducting business.

Most small businesses wish to come up with innovative tools and technologies but they are sceptical to think out-of-the-box and try out new strategies. However, with changing times and rapidly altering market dynamics, small businesses also need to make adjustments and come up with new ideas in order to beat competition and stay ahead of their peers, said Meenakshi Prasad, head of communications, Trilok, a small-sized manufacturing firm in Kolkata.

SMEs should focus more on bringing about regulatory reforms and offer value-added products and services in order to create a distinct identity and carve a niche for themselves in the market.

Encouraging employees to put on their thinking caps, experiment with their marketing as well as operational strategies and thereby come up with novel ideas will help small businesses to expand and sustain, said Hemant Ajmera, proprietor of Marble Kingdom, a small-sized marble exporting unit in Chennai.

Experimentation is important for small businesses to surpass the set targets, achieve desired organisational goals, attain higher performance levels and develop better brand value.

by: David Parks

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