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CBI: Innovation can help businesses survive crunch

Jul 02 2008

CBI: Innovation can help businesses survive crunch

Innovation is essential for service sector small businesses to survive in times of economic delivery, according to the Confederation of British Industry (CBI).

A report published by the CBI reveals that while it may feel safer for businesses to 'stick to what they know best', innovation and new ideas can ensure 'continued dynamism' within a firm.

Richard Lambert, CBI director general, says: 'successful innovation comes down to people, not just processes, and that trusting your customers and giving your ideas time to develop is vital.

'When you act, you must move fast and learn from your failures, but don't beat yourself - or others - up when things go wrong.'

The survey also shows that market forces and company culture are the main drivers of innovation, with a positive attitude towards creativity and risk essential.

Last month, City experts told Caterersearch.com that the credit crunch was stifling innovation in the services sector because new businesses were unable to raise the finance to start trading.

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