Acquiring Professional Help: A Strategy for Innovation in Small Firms

This essay explores the critical role of professional assistance in fostering innovation-led growth within small firms. It argues that expert management advice, practical solutions, and confidentiality are key benefits of acquiring professional help. Entrepreneurs can access this support through referrals from successful peers, networking, and community engagement, which can provide access to mentors, specialists, and competent employees. Ultimately, firms that leverage professional expertise experience accelerated growth by combining diverse skills and knowledge, facilitating innovation, and developing effective strategies for customer acquisition and retention. Desklib offers a wealth of similar resources, including past papers and solved assignments, to aid students in their academic pursuits.

The complexity of an innovation strategy 1
THE NECESSITY FOR A SMALL FIRM TO ACQUIRE PROFESSIONAL HELP AS
PART OF ITS STRATEGY FOR INNOVATION-LED GROWTH
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The complexity of an innovation strategy 2
Introduction
The contribution of small and medium enterprises to job creation and innovation-led
growth has recently been of renewed interest. More evidence has shown that small and medium
enterprises especially the firms which have recently ventured into business contribute highly to
the system of innovation. The paper seeks to establish why a small firm should acquire
professional help as part of its strategy for innovation-led growth and how the entrepreneur can
acquire such help.
Why a small firm should acquire professional help for innovation-led growth
According to VandeVrande, DeJong, Vanhaverbeke, and DeRochemont (2009, p.427)
acquiring professional help ensure that there is expert management advice which is beneficial for
the innovation-led growth of a small company. The professionals provide suggestions which are
trustworthy regarding the most important aspects to steer the organization forward. In addition,
professionals offer real-world, hands-on solutions which help solve problems arising in the
process of growth since various problems may not get solved by information acquired from
reading a book. The professional looks at the challenges and numbers in the organization which
disrupt innovation-led growth and provides expert advice. Furthermore, professionals keep the
information of the private company to themselves hence ensuring that it does not fall into the
hands of competitors who may use it to their advantage. Business professionals can help in
educating the leaders of a company on the right methods of managing the core aspects of the
business, from tax audit to human resources (Terziovski 2010, p.898).

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How an entrepreneurs can acquire professional help for innovation-led growth
Entrepreneurs can acquire professional help through referrals which is the best strategy
for identifying the new professional service provider. Furthermore, the best source of acquiring
referrals is getting information from other entrepreneurs who are successful and asking people
working in the same business sector for referrals as the concept of success is trying to build
experience from others (Maital and Seshadri 2012 p.4). For example, if an entrepreneur wants to
start a retail shop it is advisable for him to go about asking other willing retailers and wholesalers
for a referral to professionals in the same sector who have helped businesses of other
entrepreneurs to pick and grow. After getting the professional referral, an entrepreneur needs to
contact the professionals and gauge their interest in the business as a way of acquiring desired
help from them. Furthermore, during interviews, an entrepreneur can learn from a professional
service as an experienced professional will advise on small problems which other entrepreneurs
have faced in the past as well as their solutions.
An entrepreneur can also get professional help by being social to the community as it
helps in adding a connection to the business network. Furthermore, an entrepreneur needs to be
keen in retaining the connections because the possibility of gaining access to mentors,
specialists, hobbyists and competent employees in case of business expansion is easier.
According to Cooper & Edgett (2010, p.34) entrepreneurship can provide skills needed for
product and business improvements and development of professional life.

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Conclusion
A firm that acquires professional help experiences rapid growth as a pool of skills and
knowledge from different sources facilitates new innovation and strategies which are vital
aspects of acquiring new customers and maintaining existing ones.

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References
Cooper, R.G. and Edgett, S.J., 2010. Developing a product innovation and technology strategy
for your business. Research-Technology Management, 53(3), pp.33-40. U.S.A: Taylor & Francis
Maital, S. and Seshadri, D.V.R., 2012. Innovation management: strategies, concepts and tools
for growth and profit. London: Sage.
Terziovski, M., 2010. Innovation practice and its performance implications in small and medium
enterprises (SMEs) in the manufacturing sector: a resource‐based view. Strategic Management
Journal, 31(8), pp.892-902.
Van de Vrande, V., De Jong, J.P., Vanhaverbeke, W. and De Rochemont, M., 2009. Open
innovation in SMEs: Trends, motives and management challenges. Technovation, 29(6-7),
pp.423-437. USA: Elsevier