Innovation critical to tackle business challenges
By Jurek Sikorski, Director of Henley Entrepreneurship Lab
Two regional events in October looked at the challenges facing business, with a call for innovation and adaptation the notable theme coming from both.
The Chartered Institute of Marketing and Henley Business School’s Department of Marketing hosted a conference titled ‘Resilient Marketing: Driving Business Performance and Long-term Success’ at Greenlands. In wrapping up, Jurek Sikorski shared the key takeaways for long-term success including:
- working collaboratively across business silos
- building trust through authenticity
- speaking in the customer’s language
- embracing data and change
- innovation
- investing in yourself
- developing a clear strategy
- and getting the board behind it
Earlier on the same day, the Thames Valley Business Leaders Network Breakfast event highlighted pressing issues facing businesses. These included an unfavourable budget and taxation environment, with reductions in R&D Tax Credit, increases in National Insurance and Capital Gains Tax, and reduced pension relief impacting investment.
The election of Donald Trump and his promise to reduce support for NATO, coupled with rising geopolitical tensions and escalating conflicts in the Middle East and Ukraine, were noted as significant concerns, particularly regarding the rapid rise in oil prices and supply chain disruptions.
Additionally, skills shortages in both technical and soft skills were identified as a major factor in productivity loss. The lack of innovation in products, processes, positions, and paradigms was also highlighted as a critical issue affecting competitiveness.
These events underscored the need for businesses to adapt and innovate in response to a rapidly changing global landscape.
How are you adapting to these external factors in your business? Share your comments below.