{"id":53984,"date":"2019-03-14T09:30:55","date_gmt":"2019-03-14T09:30:55","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=53984"},"modified":"2022-10-19T14:59:47","modified_gmt":"2022-10-19T13:59:47","slug":"innovative-construction-companies-revealed","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/digital-construction-news\/construction-technology-news\/innovative-construction-companies-revealed\/53984\/","title":{"rendered":"UK\u2019s small construction companies must innovate to succeed"},"content":{"rendered":"<h2>Construction companies that fail to innovate, will undoubtedly suffer from poor operational and financial performance. At the same time, they will lack sustainability for long-term survival and success<\/h2>\n<p>Businesses who develop new products, services and processes \u2013 generally put themselves ahead of competitors and are in a better position to adapt to any changes in the needs\/expectations of their customers.<\/p>\n<ul>\n<li>Small construction <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/csis-innovation-scottish-construction\/53181\/\">businesses primarily innovate<\/a> to increase the range of goods and\/or services they can offer (33%)<\/li>\n<li>Thereafter, construction enterprises in their infancy, innovate with the aim of raising their turnover and accelerating growth prospects (29%)<\/li>\n<li>Contrastingly, construction firms are least likely to innovate for the purpose of developing business rights and\/or technology (6%)<\/li>\n<li>59% of construction start-ups claim to be \u2018very or slightly aware\u2019 of their competitor&#8217;s innovation efforts<\/li>\n<li>Additionally, 57% state they are willing to experiment and take risks when trying to refresh their products\/services\/processes\/ strategies with new ideas\/concepts<\/li>\n<\/ul>\n<p>The notion of taking a pro-active <a href=\"https:\/\/www.pbctoday.co.uk\/news\/hr-skills-news\/paul-hackett-accepts-appointments-bartlett-rics\/52803\/\">approach towards innovation<\/a> should ring especially true for start-ups. Especially, when only 15% of new companies go on to become profitable, according to statistics from the \u2018<a href=\"https:\/\/www.sinc.co.uk\/\">Sussex Innovation Centre<\/a>\u2019.<\/p>\n<p>Interested in strategy and development, <a href=\"https:\/\/www.theknowledgeacademy.com\/\">TheKnowledgeAcademy.com<\/a> analysed the latest findings from \u2018<a href=\"https:\/\/www.fsb.org.uk\/\">The Federation of Small Businesses<\/a>\u2019, who surveyed UK\u2019s small construction companies to better understand their varying motivations for innovating.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-53987 size-full\" src=\"https:\/\/www.pbctoday.co.uk\/news\/wp-content\/uploads\/2019\/03\/the-knowledge-academy-innovation-construction-infographic.jpg\" alt=\"Construction companies\" width=\"900\" height=\"407\" srcset=\"https:\/\/www.pbctoday.co.uk\/news\/wp-content\/uploads\/2019\/03\/the-knowledge-academy-innovation-construction-infographic.jpg 900w, https:\/\/www.pbctoday.co.uk\/news\/wp-content\/uploads\/2019\/03\/the-knowledge-academy-innovation-construction-infographic-300x136.jpg 300w, https:\/\/www.pbctoday.co.uk\/news\/wp-content\/uploads\/2019\/03\/the-knowledge-academy-innovation-construction-infographic-768x347.jpg 768w, https:\/\/www.pbctoday.co.uk\/news\/wp-content\/uploads\/2019\/03\/the-knowledge-academy-innovation-construction-infographic-696x315.jpg 696w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/p>\n<p>Focusing on construction, small enterprises within the industry, mainly engage in innovation because of the added range of goods and\/or services (33%) they can offer from doing so. Thereafter, construction firms are encouraged to innovate, as they believe it can increase their turnover and accelerate growth prospects (29%). Likewise, for 29% of construction companies in their infancy, their primary driver to innovate is fuelled by a desire to achieve efficiency and productivity gains.<\/p>\n<p>Contrastingly, <a href=\"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/sustainable-innovations-construction\/50571\/\">construction firms<\/a> are least likely to innovate for the purpose of developing business rights and\/or technology (6%). Equally, just 6% want to pursue innovation initiatives due to the potential collaboration opportunities it may lead to. Interestingly, 11% feel obliged to innovate, purely to meet regularly requirements.<\/p>\n<p>Furthermore, 59% of construction start-ups claim to be \u2018very or slightly aware\u2019 of their competitors innovation efforts. Additionally, 57% state they are willing to experiment and take risks when trying to refresh their products\/services\/processes\/strategies with new ideas\/concepts.<\/p>\n<div class=\"mk-custom-module-container\">\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Construction companies that fail to innovate, will undoubtedly suffer from poor operational and financial performance. At the same time, they will lack sustainability for long-term survival and success.<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38487],"tags":[676,856,997,688,283,273,621],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-53984","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-construction-technology-news","7":"tag-construction","8":"tag-construction-technology","9":"tag-development","10":"tag-digital-construction","11":"tag-finance","12":"tag-research-innovation","13":"tag-sme"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK\u2019s small construction companies must innovate to succeed<\/title>\n<meta name=\"description\" content=\"Small construction companies that fail to innovate, will undoubtedly suffer from poor operational and financial performance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbctoday.co.uk\/news\/digital-construction-news\/construction-technology-news\/innovative-construction-companies-revealed\/53984\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK\u2019s small construction companies must innovate to succeed\" \/>\n<meta property=\"og:description\" content=\"Small construction companies that fail to innovate, will undoubtedly suffer from poor operational and financial performance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pbctoday.co.uk\/news\/digital-construction-news\/construction-technology-news\/innovative-construction-companies-revealed\/53984\/\" \/>\n<meta property=\"og:site_name\" content=\"Planning, Building &amp; 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