Quality and innovation vital for growth
Chris Hill, partner with Sheffield-based independent chartered accountants and business advisors Hawsons, of Glossop Road, says that his dealings with clients indicate that businesses competing on quality rather than price and showing innovation by meeting customer requirements are the ones showing most growth.
He adds: “Although the price of goods is important to customers, as we are seeing in the supermarket sector, quality and the ability to give people exactly what they want is becoming increasingly vital.”
His comments echo the findings of a report by CentreforCities, which provides independent research and policy analysis on UK city economies.
Its latest Small Business Outlook 2014 says that the firms most likely to be productive and profitable are those adopting high growth strategies and competing on quality rather than price, as well as pursuing innovation, investing in training and offering customised goods and services.