Innovate to grow

At James Todd & Co we can provide businesses in the Chichester area with support and advice on a wide range of business issues. Here are some thoughts on business innovation...

It is often said that the driving force behind continuous improvement in a business is innovation.

Innovation requires three basic skills:

  1. Sensitivity to the marketplace - being able to read the trends and identify emerging needs
  2. Inventiveness - the ability to develop a creative response to those needs, either by introducing a new product or service or by adapting existing ones
  3. Positioning and timing - the art of introducing the new product or service into the marketplace in the right place and at the right time

One of the most significant trends to emerge in the marketplace in recent years is that of increased time pressures combining with greater spending power among the working population. In other words, people are increasingly cash-rich, but time-poor.

Here are some examples of the way the retail sector has adapted to meet these new needs:

  • Supplying high-end prepared foods, such as microwave dinners or oven-ready meals, for busy consumers for whom both the convenience and the brand add value. Though targeted at narrower sectors of the market than traditional 'convenience foods' are, these products can command premium prices and so provide higher margins. Examples include Sainsbury's 'Taste the Difference' and Tesco's 'Finest' ranges.
  • Taking advantage of convenient locations or existing 'fast trade' to create one-stop shops where busy consumers can avail themselves of a number of fast track services under one roof. Again, the speed and convenience are often combined with top brands to leverage premium prices. A good example is a petrol station selling top-of-the-range grocery items, CDs and so on.

It is not difficult to see how these principles can be applied to other sectors - the key point is to stay in touch with your market and be flexible enough to adapt to its needs.

If you are in the Chichester area and are looking for support and help from experienced accountants and business advisers, contact James Todd & Co.

Have we convinced you yet?

Please feel free to get in touch via phone, email or our quick contact form.

We offer initial free consultations – simply contact us to find out more.


ICAEW Chartered Accountants logo Sage logo chichester chamber of commerce and industry logo
Copyright

© 2019 James Todd & Co. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact us

Please call:
01243 776938
Lavant and Chichester
01273 470123
Lewes

Address
James Todd & Co, 1/2 The Barn, Oldwick, West Stoke Road, Chichester PO18 9AA
James Todd & Co, 16 Northgate, Chichester PO19 1BJ
James Todd & Co, The Mews, St Nicholas Lane, Lewes, East Sussex BN7 2JZ

James Todd & Co is the trading name of James Todd & Co Limited. Chartered Accountants and Registered Auditors. Registered No: 07350649 in England. VAT No. 322087875. ICAEW Firm Reference No: C002730145 and James Todd & Co (Lewes) Ltd (formerly known as Axtons). Chartered Accountants. Registered No: 11214467 in England. VAT No. 290460506. ICAEW Firm Reference No: C005791297

Registered to carry out audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales. Details of our audit registration can be viewed at www.auditregister.org.uk

Details of our Designated Professional Body (DPB) activities can be viewed at register.fca.org.uk. A member of the ICAEW Practice Assurance Scheme.