Innovation moves up businesses’ list of priorities

By Greg Bell

At a time when business competitiveness is increasing, it's never been more important for companies to innovate and expand their operations. While many firms are achieving this through the adoption of new technologies and forward-thinking strategies, it's not always helping them reach where they eventually want to be.

Research from Commonwealth Bank shows that although businesses want to spend more time on innovation, they're not doing quite so well at making this a reality. This is most common among companies with a turnover between $6million and $25million, where nearly half of firms spend three days or less per year on innovation.

Technology is the driving force behind innovation

One trend that has emerged over the past few years is that businesses are keen to embrace technology in whichever way they can. Figures from the Australian Bureau of Statistics (ABS) show that in 2014-15, 94.8 per cent of companies had internet access. However, less than half (48.6 per cent) had a web presence, suggesting this is one area that needs improvement.

When businesses go in search of commercial property for sale on the Gold Coast, there's every chance that strong internet connections are likely to be high on their agenda. As being connected to the global market place becomes more important, this is something that commercial property owners are likely to be marketing to these tech-savvy businesses.

The ABS data also showed that a growing number of customers are choosing to place orders using the internet. Of all the business owners questioned, 55.7 per cent said they'd placed orders online, while 33.8 per cent had received orders in this way.

Businesses need to harness this activity and put new strategies in place that enable them to process these orders effectively. For some, this might involve adapting existing systems, while for others it may be a case of putting brand new ones in place.

Addressing the roadblocks to innovation

The Commonwealth Bank research found that the most prominent barrier to innovation was conflicted priorities, named by 33 per cent of those polled. Meanwhile, 21 per cent said they simply didn't know where to start, while a fifth believed finding the right people to make their ideas become a reality was a significant issue.

Claire Roberts, executive general manager of local business banking at Commonwealth Bank, explained that companies simply can't afford to fall behind the competition. Waiting for the right people to become available and take the necessary steps to improve a business isn't an option, as firms instead need to make sure they're actively searching for the right staff to make it happen.

"We believe innovation starts with asking the right questions, thinking outside the square, and ensuring the existing operations of a business, including products and services, are being continuously optimised," Ms Roberts noted.

"We encourage business decision makers to prioritise innovation and reach out to partners to unlock new avenues for innovation and performance improvements in their business."

Don't settle for second best with commercial property

As soon as you take a closer look at office leasing on the Gold Coast, you'll no doubt notice just how many options are available to you. There's so much space available that it can be tough to narrow down the options.

However, with a team of experts on your side, you don't have to settle for anything short of perfection. We offer commercial property in Surfers Paradise and other parts of the Gold Coast that's perfectly suited to your modern business, so why not take a closer look at what we have to offer?

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