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Why R&D is Vital For So Many Businesses

Posted on November 18, 2020

Every day the competition for small businesses (SMEs) gets tougher as many businesses now have to compete on an international level. This is where R&D comes in. Many smaller businesses are investing their time and resources into R&D so as to give their business a competitive edge. This could be by creating new products and/or services or by improving existing ones.

Today, many companies will allocate a significant budget to R&D related activities. R&D is a core aspect of many modern businesses. To start the process, product researchers use marketing information which will help them develop products or services. 

 R&D Can Give You the Edge You Need  

Businesses can gain a competitive edge over their rivals by performing in a certain way that the competition can not easily replicate. R&D efforts can lead to improvements in the business process. This could help cut down marginal costs or increasing marginal productivity, making it easier to outpace other businesses.

Research & Development can often lead to a new type of service or product. This is most common in sectors like industrial machinery, agriculture, electrical engineering, IT & Software and many more.

Importance of Research and Development for Economic Growth

The future economic progress for any country will be driven by the invention and application of new technologies. The importance of research and development lies there, as it is one category of spending that develops and drives these new technologies. R&D plays an important role in enhancing the capability of companies because they stimulate innovative methods of production, reduce costs and improve product quality.

Advertising Your R&D Benefits 

These days advertising is full of claims about new techniques used for a product or never seen before products and technologies. Customers enjoy new and improved products or they just simply want something new. The new products and services you create through R&D could create highly effective marketing strategies. A company could create an innovative marketing campaign to match a new line of innovative products/services.

Best of all, companies who invest in Research & Development are eligible for tax relief.

We don’t want you to miss out on this tax relief, so we urge you to check your eligibility today (it takes just a few minutes). If you’re eligible, great! If not, then at least you have the peace of mind of knowing that you explored the possibility. https://www.greenjellyfish.co.uk/contact/ 

Find out how much you could claim by using our handy R&D Calculator!