The good news is that recent surveys among UK business leaders continue to show that innovation is seen as a key factor in business success. They believe that innovation is the source of higher profits and growth, greater competitiveness and a means to engage the whole workforce in the company aims.
While recognising that innovation pays off and improves performance, the uncertainty around Brexit and the perceived challenging economic climate means that innovation is often stalled. Indications are that this is impacting R&D programmes with innovation spend on a declining path attributed to lack of investment and focus on near term profit. However, based on experience following the recent financial crisis and recession, Brexit presents a great opportunity to outperform hesitant competitors with new creative ideas that have the potential to change the game.
The dilemma facing senior leadership teams is how to ensure that in focusing the innovation effort they do not jeopardise the innovative capacity of the company after whatever the result of Brexit. Just battening down the hatches is unlikely to support a growth strategy and motivate the development teams. So how can we achieve more with less in this environment? There are two simple questions that can provide answers:
The winners after Brexit will be those who see it as an opportunity not a threat and develop innovative strategies for innovation!
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