Innovation 'key to sustainable growth for firms'

Office design news from Morgan Lovell

Published on 21-12-2010

Companies must be innovative in their approach to growth in order to make their business model successful, it has been claimed.

Noel Quinn, head of commercial banking for HSBC, said that continued investment in new ideas is the best way for firms to stand out from the crowd - with areas like sustainable office design one proposal that could set a business apart from its competitors.

He commented: "I don't think innovation is just about product innovation or technology. I think innovation is also about changing your business model."

According to the 2010 Deloitte Entrepreneurship Survey, more than 90 per cent of the UK's entrepreneurial businesses expect to grow their revenues in the next 12 months.

In the longer term, nine out of ten entrepreneurs forecast double-digit revenue growth for their business over the next three years, with four out of ten projecting growth to exceed 50 per cent.

Posted by Ian Johnson