Ways Research And Development Can Help Your Growing Business

1. Ways Research And Development Can Help Your Growing Business With the consistent evolution of technology and the nature of business today, research and development (R&D) has never been more necessary. Technological advancements are proceeding at an unprecedented pace, and without adapting to this near constant state of change, many businesses will get left behind; this is where ‘research and development’ comes in. As a concept, research and development is consistently perceived as a herculean task reserved for the most formidable minds; however, the reality is far simpler and more accessible than many are led to believe. Research and development can simply be understood as the innovative strategies adopted by businesses to develop or improve products or services. By its very design, research and development is exceptionally versatile, and as such, is applicable in most sectors of business and enterprise. It is also known to be particularly beneficial to growing businesses aiming to make a name in their respective industries. Below are just a few ways R&D has been helpful to growing businesses. 1. Unique ProductsAnd Services Adopting research and development strategies gives your business a chance to stand out; by investing in R&D, your company can improve on what is already being sold, or can alternatively create a new and unique product which is different and more advanced than what is available to consumers. In terms of service, by observing the existing market, you can identify a gap in quality that needs attention and be the solution the consuming masses need.

2. By being the solution to an existing problem, your business stands out, thereby engaging the attention of consumers. 2. Increased Profit Creating a new product or service, especially one that fills an existing gap in an industry is a sure-fire to create a path to profit. Successful R&D projects have been known to create new and improved products, thereby providing an avenue to boost opportunities for increase in sales of products, thereby increasing income and ultimately, the bottom line. As earlier noted, the nature of business is constantly changing, as such, sticking to old products without room for advancement is a guaranteed way to be left behind when the industry advances; his leaves a growing business stuck with outdated products. Why choose to be left in the dust when you can be leading the curve? 3. Tax Credit Did you know that small businesses are entitled to 14.5% and 33% tax credit on qualifyingR&D expenses? While undertaking research and development projects can be daunting and financially risky, there are tax credits in place to ensure that you and your business do not undertake this risk alone. What’s particularly interesting about this is the fact that your business can still claim SME R&D tax credits despite not making any profit. While the ideal scenario is to make profit off your R&D projects, these tax credits ensure that your business is not left behind if immediate profit statements are not forthcoming. - Research and developmentis a concept all growing businesses should be familiar with. Beyond the aforementioned reasons, R&D can embiggen your company’s reputation, provide a competitive edge and even lead to expanding the business. As such, every business – regardless of the sector – is encouraged toexplore research and development strategies and take active steps in adopting them.