While two thirds of SMEs realise that innovation is necessary to business success, less than 25% of firms consider themselves effective innovators, according to research by GB Marketing Enterprise.
The Cardiff based sales and event marketing firm are concerned that many businesses are falling behind their competition due to lack of innovation.
The potential to change
The research found the main reason behind this reluctance is a lack of skills, knowledge and time.
It highlighted that many SMEs are misinformed when it comes to innovation and are lacking individuals with the skills needed to provide knowledge and guidance on the subject, especially when it comes to digital technologies.
While HTML code could have the potential to revolutionise how a business operates, many SMEs are worried about changing online systems or adapting existing processes, thus causing them to fall behind the times.
Recruiting younger graduates
The study also goes on to claim that many SMEs need to recruit younger graduates with skills and knowledge in digital in order to move the business into the future.
Its data found that 81% of UK-based SMEs are still using paper-based systems as part of their daily practices; especially when it comes to HR, holiday requests and employee progression.
As a result, GB Marketing Enterprise is urging SMEs to implement innovative ideas and creative technologies to bring them into the modern business space.
The firm argues that due to their size, SMEs are in a better position to react quickly if an idea does not pan out as expected – providing they have staff with the skills and knowledge to do so.
Graduates are often the ‘innovation-generators’ in businesses today. If you’re keen to expand upon your business’ skills base and inject some innovation into your firm, get in touch with Discovery Graduates today.