SMEs drive innovation, though struggle with actionable plans

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SMEs should not isolate themselves with their innovative ideas, experts say.

Small to medium-sized enterprises (SMEs) are driving the Australian economy to be more globally competitive and innovative, business executives say.

In fact, 40 per cent said that smaller businesses were the catalyst for innovation and ideas that will spur the next big growth period. Indeed, SME owners can feel like they have the flexibility to become key contributors to a any new transformative discoveries.

The figures come according to a study by General Electric (GE), although the global company's Innovation Barometer report showed that many are also finding it difficult to put their ideas into practice. 

Driving Aussie innovation

Suzana Ristevski, head of strategy for growth at GE Australia and New Zealand, said SMEs are finding the freedom to take risks and be agile in their strategies.

"[SMEs] are punching above their weight and stepping up in terms of innovation," she explained to SmartCompany. "They are constantly testing things… It's OK if they fail, they'll just drop the idea."

However, Ms Ristevski also suggested that smaller businesses need to find platforms for their truly innovative ideas - such as capital and resources to help get them off the ground.

"Just because you're small doesn't mean big partners won't want to partner with you," she stated, suggesting that closer collaboration can be a more widely used tool for unlocking bright ideas.

For this, a small business should look at the benefits of improving collaboration through conference call services.

Linking those with a creative spark with companies able to provide their assistance will be an essential part of putting innovative ideas into practice. To this end, a teleconference service has some distinct benefits by being:

  • Cost effective - A low-rate conference call will help SMEs protect their precious budgets
  • Time conscious - Executives are short of time; a conference call will reduce travel time and can be set up in mere minutes
  • Recordable - Face-to-face meetings leave a lot to memory and ad hoc note taking. Recording a conference call allows either party to reference the discussion in an instant.

Australia is currently ranked a respectable 17th​ in terms of the overall perception of innovation. We think we can do even better.

To discuss how, contact Eureka Conferencing today.

Topics: Web Conferencing, Teleconferencing

Last updated on January 20, 2015 09:51

Eureka Editor

Written by Eureka Editor