25% of companies see current climate as opportunity to innovate but only 5% are making it a priority

Lane4 research shows that 25% of companies see the current climate as an opportunity to be more innovative.  They believe that their business will emerge stronger if they innovate, yet only 5% are developing new products and services to meet new client needs or expanding into new markets.  

Senior managers, CEOs, directors and partners from organisations ranging from small businesses to large corporations across the globe participated in this study. The findings also revealed that organisations’ current priorities are to cut costs (22%) without compromising their ability to focus on the customer (22%) and on people management (22%). 

The report titled Emerging Stronger: Strategic Insights for Leading in Tough Times showed survival (11%), restructuring the organisation (8%), maintaining and demonstrating quality (5%) and maintaining market position (5%) as being other business priorities.

Respondents were also asked about future opportunities that lie ahead for their businesses:

• 25% of businesses wanted to be more innovative.
• Growth was the greatest opportunity for 16% of companies. 
• Learning through adversity emerged as an opportunity for 13% of organisations. Respondents perceived that tough times created a greater sense of urgency that would propel organisations to transform themselves, becoming leaner, hardier and more agile.
• Sharpen the people focus was the opportunity for 10% of businesses. This would include focusing on recruitment, talent development and well-being. 
• Other sources of opportunity included competing to gain market share (10%), strengthening customer relationships (7%), improving operational efficiency (7%), mergers and acquisitions (6%) and demonstrating value (2%).

Adrian Moorhouse, Managing Director at Lane4 commented, "Our research highlights an array of priorities and opportunities.  But with a finite amount of time and resource, it is critical that leaders focus their attention on the right things."

He added "There are very real opportunities for businesses right now and I believe they exist in thinking about the future. Leaders are focused on the present and that’s right, but you’ve got to make time to think about the future and future innovation. I regularly ask myself what am I doing now to make sure my business has an exciting future in two years time?  You can get the right balance by not being too scared of the current - it should occupy a lot of your thinking but it should not dominate it."

To read the full report visit here

To find out more about the report contact kelly.walsh@lane4.co.uk

 

2009-09-30