A new survey undertaken by the Warwick Business School has found that over half of UK SMEs in the UK have done no product innovation in the past three years.

With the UK economy producing virtually no growth, it is more important than ever to be constantly reviewing how you supply products, and the costs involved in order to keep ahead of your competition.

– When was the last time you reviewed your pricing structure?
– Are you charging more than your competition?
– Is your product better quality?
– Are your current customers happy with the service you provide?

As we approach the new year these are all questions you should be asking yourself about your business.

Mahmood Mazhar, 08Direct’s Chief Executive commented: “All companies should be looking to change the way they operate in order to move their business forward, and to keep pace with a rapidly changing world. Ensuring your business stands out is vital in the current climate, you need to be out there pulling new business in. It will no longer simply land at your door”

Of those surveyed who have spent time and / or money on innovation, only 1% has been spent on personal knowledge. Business innovation is not just specifically about your products and services, gaining a better understanding of how business practice is changing is vital to securing the future of your company.

Often small business owners act as several different departments at once. Whether it be sales, marketing, IT or accounting it is hugely important to stay up to date with the latest legislation, trends or new strategies. This not only boost your business practices, but it will also cut costs as you will not have to rely on any external companies further down the line.

With the new year fast approaching, all SMEs should be looking to 2013 as the year they embrace innovation. Boosting your business presence and widening your field of knowledge should go down as priority number one!