⭐️⭐️⭐️⭐️⭐️ Based On 100+ Google Reviews

  • 0161 962 1855
  • Book Your Free Consulation
  • Home
  • About Us
    • Our Team
    • Our Social Commitment
    • Working With Us
    • Careers
  • What We Do
    • Annual Accounts
    • Bookkeeping
    • Business Consultancy
    • Business Growth
    • Cash Flow Forecasting
    • Capital Gains Tax
    • Corporate Tax
    • Financial Forecasting
    • Inheritance Tax
    • Online Accounting
    • Payroll
    • Personal Tax
    • Property Tax
    • R&D Tax Credits
    • Self Assessment
    • Tax
    • VAT
  • Sectors
    • Startup Accountants
    • Construction
    • Creative and Digital
    • Dentists
    • Ecommerce
    • Electricians
    • Hair Salons & Barbers
    • Hospitality
    • Influencers
    • Law Firms
    • Manufacturing
    • Medical Professionals
    • Personal Trainers
    • Small Businesses
  • Resources
    • Case Studies
    • Tax and Business News
    • Testimonials
  • Contact Us
  • Careers
  • Home
  • About Us
    • Our Team
    • Our Social Commitment
    • Working With Us
    • Careers
  • What We Do
    • Annual Accounts
    • Bookkeeping
    • Business Consultancy
    • Business Growth
    • Cash Flow Forecasting
    • Capital Gains Tax
    • Corporate Tax
    • Financial Forecasting
    • Inheritance Tax
    • Online Accounting
    • Payroll
    • Personal Tax
    • Property Tax
    • R&D Tax Credits
    • Self Assessment
    • Tax
    • VAT
  • Sectors
    • Startup Accountants
    • Construction
    • Creative and Digital
    • Dentists
    • Ecommerce
    • Electricians
    • Hair Salons & Barbers
    • Hospitality
    • Influencers
    • Law Firms
    • Manufacturing
    • Medical Professionals
    • Personal Trainers
    • Small Businesses
  • Resources
    • Case Studies
    • Tax and Business News
    • Testimonials
  • Contact Us
  • Careers

INNOVATION: LOOK FOR A GOOD PROBLEM TO SOLVE

  • Written by AC Accounts
  • June 18, 2017
  • Insights

In today’s rapidly evolving business environment, innovation is key to the growth (and indeed, survival) of most firms. Many of us are constantly on the look-out for an innovative new idea. The best innovations don’t tend to come from a great idea. Instead, they tend to come from solving a problem.

For example, Steve Jobs realised that CDs couldn’t hold enough music and buying albums at music stores was expensive. He solved this problem by creating the iPod, a device that could hold over 1,000 songs, combined with an online store (the iTunes store), allowing users to quickly and cheaply buy the music they want at any time.

Truly innovative ideas typically don’t arise through brainstorming or divergent thinking. The best ideas tend to come in response to an important problem and generally, under constraints (time, budget, etc.). Every age comes with its own unique problems. For the past 25 years or so, businesses have been solving problems through the use of technology. Technologies such as microchips, relational databases and the internet have led to new innovations like cloud solutions, online transaction processing and process automation.

Technologies that utilise blockchain technology or open source software have created the need for updated database structures and the internet has been shown to be quite insecure. Solving each of these problems will create fantastic new opportunities. The challenge for business owners and managers is to understand how to innovate in order to take advantage of these new opportunities.

The challenge is that you can’t plan properly when technology is moving forwards at such a fast pace. However, you can focus on how to plan around the problems related to your business, your customers and new emerging markets.

 

Instead of trying to get every move right, which is impossible in today’s environment, managers need to try to become ‘less wrong’. We need to treat strategy as a learning process. We must try new approaches, learn from those experiences and innovate in order to create new and better solutions. In essence, we need to start innovation planning – planning based on things we need to learn to solve new and important problems.  So look for a good problem and start innovating from there.

Recent Posts

HMRC Is Changing – Here’s What You Need to Know

April 8, 2025

Furnished Holiday Lettings – The Rules Have Now Changed

April 7, 2025

Big Changes to Employer National Insurance Contributions from April 2025 – What Small Businesses Need to Know

April 2, 2025

Capital Gains Tax is Going Up – Here’s Why Timing Matters

April 1, 2025

Need Help?

Book a Free Consultation
PrevPrevious PostBUSINESS DEVELOPMENT VS SALES
Next PostWHAT IS THIS “DEMENTIA TAX”?Next

A&C Chartered Accountants is the leading independent accounting firm in Manchester, providing accounting and business advisory to startups, sole traders and SMEs.

Facebook-f Linkedin Instagram Youtube

Useful Links

  • About Us
  • Accounting Services
  • Client Testimonials
  • Contact Us
  • Privacy
  • Cookies
  • About Us
  • Accounting Services
  • Client Testimonials
  • Contact Us
  • Privacy
  • Cookies

Get In Touch

  • info@ac-accounts.co.uk
  • 0161 962 1855
  • Manchester City Centre: 53 King Street, Manchester, M2 4LQ
  • Sale, Cheshire: 1A Marsland Road, Sale, Cheshire, M33 3HP
Xero Platinum Partner Logo
ICAEW Chartered Accountant Badge
SME Climate Hub Committed Badge
Good Business Charter Accreditation Badge

A&C Chartered Accountants © All Rights Reserved 2024 | Company Registered in England & Wales No: 06272442 | VAT Registration No: 910327267