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Innovate to grow

The three basic skills behind innovation.

At Numera we can provide businesses in the London area with support and advice on a wide range of business issues. Here are some thoughts on business innovation...

It is often said that the driving force behind continuous improvement in a business is innovation.

Innovation requires three basic skills:

  1. Sensitivity to the marketplace - being able to read the trends and identify emerging needs
  2. Inventiveness - the ability to develop a creative response to those needs, either by introducing a new product or service or by adapting existing ones
  3. Positioning and timing - the art of introducing the new product or service into the marketplace in the right place and at the right time

One of the most significant trends to emerge in the marketplace in recent years is that of increased time pressures combining with greater spending power among the working population. In other words, people are increasingly cash-rich, but time-poor.

Here are some examples of the way the retail sector has adapted to meet these new needs:

  • Supplying high-end prepared foods, such as microwave dinners or oven-ready meals, for busy consumers for whom both the convenience and the brand add value. Though targeted at narrower sectors of the market than traditional 'convenience foods' are, these products can command premium prices and so provide higher margins. Examples include Sainsbury's 'Taste the Difference' and Tesco's 'Finest' ranges.
  • Taking advantage of convenient locations or existing 'fast trade' to create one-stop shops where busy consumers can avail themselves of a number of fast track services under one roof. Again, the speed and convenience are often combined with top brands to leverage premium prices. A good example is a petrol station selling top-of-the-range grocery items, CDs and so on.

It is not difficult to see how these principles can be applied to other sectors - the key point is to stay in touch with your market and be flexible enough to adapt to its needs.

If you are in the London area and are looking for support and help from experienced accountants and business advisers, contact Numera.

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Company details

020 7794 5757

Numera, 4th Floor Charles House, 108-110 Finchley Road, London NW3 5JJ

Numera is a trading name of Numera Partners LLP | Company Registration No. OC365787 | Place of Registration: England & Wales | Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

About us

Numera is a newly established forward-thinking firm of chartered accountants, with over 25 years in experience of audit, accountancy, taxation and business advisory services.

We work with clients in a large variety of industries and sectors; from sole traders to multi-million pound turnover organisations. We aim to create and maintain a close relationship with our clients. By being so involved, we are able to identify opportunities for our clients as well as possible risks that our clients may be faced with.

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