Entrepreneurs Break
No Result
View All Result
Friday, July 1, 2022
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
Entrepreneurs Break
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion
No Result
View All Result
Entrepreneurs Break
No Result
View All Result
Home Business

Why Businesses Must Innovate to Survive

by Ellen
September 30, 2020
in Business
0
Why Businesses Must Innovate to Survive
157
SHARES
2k
VIEWS
Share on FacebookShare on Twitter

Even before the coronavirus pandemic, the world appeared to be on the brink of a global recession. However, there’s no doubt that this trend has been accelerated by the virus, with experts predicting that the world’s total GDP will be at least 6.5% smaller by the end of 2020.

This issue is particularly prevalent in developed economies such as the UK, where it’s anticipated that more than £400 billion will be borrowed over the course of the next two years as public finances are decimated.

In this post, we’ll ask why innovation is crucial if businesses are able to survive this crisis, particularly in terms of cost management and sustainability.

Table of Contents

  • 1 Innovative Businesses Tend to be More Agile
  • 2 Innovative Businesses are More Eco-friendly
  • 3 Innovative Businesses Often Benefit from Reduced Costs

1 Innovative Businesses Tend to be More Agile

Like most things that impact on the socio-economic climate, the coronavirus pandemic is a discerning master.

More specifically, it has created a scenario where brick-and-mortar entities have suffered extreme hardship and faced sustained periods of closure, while ecommerce ventures continue to experience accelerated growth as consumer behaviours continue to change.

In fact, it’s thought that Covid-19 will have added a staggering £5.3 billion to the UK’s ecommerce sector by the end of the year, with flexible and agile companies such as Amazon poised to benefit most.

Innovation is also a key driver of Amazon’s sustained and exponential growth, as this contributes to agility and an ability to react to sudden and unexpected economic changes. This is a significant lesson to heed, even if you have to innovate on a smaller scale according to your company budget.

2 Innovative Businesses are More Eco-friendly

There’s no doubt that businesses are becoming increasingly eco-friendly in the modern age, and there are several different reasons for this.

Firstly, it’s thought that the world will exhaust its existing source of fossil fuels by the year 2066, so it’s crucial that businesses look to adapt proactively ahead of this time.

Also, there’s no doubt that the world’s consumers are also increasingly inclined to protect the environment in their everyday lives, and partnering with sustainable and eco-friendly brands is a key part of this.

So, this should be a key focus of innovation within your brand, particularly in terms of the materials that you use and the way in which you look to reduce waste and energy consumption. This may require some form of business finance or loan, as you look to borrow responsibly against your firm’s projected future earnings.

3 Innovative Businesses Often Benefit from Reduced Costs

If your business is able to reduce waste, this often translates into lower operational costs and higher levels of efficiency over time.

In this respect, constantly innovating and updating your commercial practices can lead to lower costs and optimised profit margins, while simultaneously contributing to an eco-friendly and ultimately ethical brand.

In most cases, this type of innovation leads to the streamlining of existing business processes, which helps to eliminate production (or administrative) bottlenecks and optimises employee productivity across the board.

Ultimately, an innovative mindset is one that constantly looks to change and improve processes, often to the financial and operational benefit of your business.

Tags: borrow responsibly against your firm’s projected future earnings
  • Trending
  • Comments
  • Latest
Potential High Return Cryptocurrencies in 2021

Potential High Return Cryptocurrencies in 2021

October 25, 2021
5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

5 Tips to Becoming a Good Actor- The Best Guide by Julian Brand

January 9, 2022
How to Search, Share and Download Video TikTok

How to Search, Share and Download Video TikTok

April 25, 2022
New Roof

How Long Will It Take To Install My New Roof

August 7, 2021
Top 5 Safety Tips for your Family Road Trip

Top 5 Safety Tips for your Family Road Trip

2
Discover How to Get More Facebook Fans in 3 Weeks

Discover How to Get More Facebook Fans in 3 Weeks

1
Blockchain for Social Good

Blockchain for Social Good: Transparency and Accountability is Key

1
What is TikTok? Lets find out more about the app of the moment

What is TikTok? Lets find out more about the app of the moment

0
trends in software development.

7 Software Development Trends for Startups in 2022

July 1, 2022
Protecting Your Privacy

Why Astrill VPN is the Right Choice for Protecting Your Privacy

July 1, 2022
The different types of upholstery and how to maintain them

The different types of upholstery and how to maintain them

July 1, 2022
Woodburner Bioethanol Fireplaces

Woodburner Bioethanol Fireplaces

July 1, 2022
Entrepreneurs Break

Entrepreneurs Break is mostly focus on Business, Entertainment, Lifestyle, Health, News, and many more articles.

Contact: [email protected]

Note: We are not related or affiliated with entrepreneur.com or any Entrepreneur media.

© 2022 - Entrepreneurs Break

No Result
View All Result
  • Home
  • News
  • Business
  • Entertainment
  • Tech
  • Health
  • Opinion

© 2022 - Entrepreneurs Break

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In