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SMEs without Budgets Do Innovation and R&D
01 Jan 2005
Innovation must become a way of life for all manufacturers says Arthur Richardson of the South West Manufacturing Advisory Service. Modern manufacturing relies on knowledge, innovation and technology to compete in the global market. But when the rule of thumb for large companies is to spend 5% of revenue on R&D, how can small businesses compete with no R&D budget at all?
The truth is that many small businesses are probably already on the innovation bandwagon without knowing it. Do you know who you last lost an order to and why? To varying degrees most managers or directors already spend time defining their markets, identifying competitors, checking out and testing their products, or doing customer surveys.
Informal innovation processes can be made more effective by:
Using the internet to search out companies making similar products for your potential customers.
Establishing a collaborative relationship with your local university and finding out more about the Knowledge Transfer Partnership (KTP).
Joining your local manufacturing network.
Subscribing to your industry trade association.
Greedily collecting and soaking up knowledge and intelligence, and stealing good ideas shamelessly!
The MAS can help you do these things through its networks and collaborative relationships with universities and other business support partners.
To see what SWMAS is already doing to help manufacturers in the South West visit www.swmas.co.uk
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