The Potential Benefits of Innovation as seen by Some Domestic Businesses

There is no doubt that we are living in an era of change. Over the past few years, we have witnessed a number of events that have strongly reminded us of the importance of managing change. This is emphatically true for the way we do business, which has faced significant challenges in the wake of the COVID-19 pandemic, the energy crisis or the Russian-Ukrainian conflict. How to effectively manage a crisis or how to adapt dynamically and well to sometimes very adverse circumstances has become an even more important question. The response has not been uniform this time either. Some of the economic actors were struggling to survive, but there were also actors who saw new opportunities in crisis situations. However, change was an inevitable path for all economic actors. The possibility of change implies the possibility of constant renewal. This capacity to innovate can extend to products, services, technology, marketing, process organisation, management, organisation methods or organisational culture. Most organisations have come to realise that without innovation and renewal, they have less chance of staying in the market. Innovation has taken on a new meaning, as it can no longer be just about gaining a competitive advantage [1 ] but can also be a potential means of survival. The study aims to shed light on the potential benefits of being an innovator. The study does not aim to define innovation, given that there are hundreds of known definitions. However, it can be an important exercise to summarise the effects that can be expected from a company that successfully initiates and implements innovation activities in its organisation. After summarising the benefits of innovation, a summary of interview research with some actors in the domestic SME sector is presented, providing practical evidence of why innovation is indeed worth engaging in. The basic aim of the paper is to provide evidence for the proposition that innovation is actually worthwhile and that a successful innovation can bring several potential benefits to an enterprise.