Research and development (R&D) isn’t something large corporations invest in. Small businesses can leverage R&D to be sustainable compete on and lead the market too.
Your business is only as good as your product or service, and there are many ways in which R&D can elevate your product/service and therefore your business:
It gives you a USP (unique selling point)
Products and services don’t have to be brand new to benefit from a little attention from R&D. It can drive product improvement and innovation within existing offerings and make you stand out from the crowd.
Increase your profit from new or enhanced income streams following the creation of unique products and services resulting from R&D. And, if you stand out and show your entrepreneurial prowess, you can also attract potential investors.
Doing R&D can have cost implications for small business. However, R&D can also offer many opportunities for businesses to seek public-sector innovation, research and development grants. Look into what is available to you, and see how you can take advantage of financial support.
Get ‘the edge’
Through R&D, you can develop an advantage over your competitors and establish yourself as a market leader. By developing of new products and services you can also generate intellectual property for your business and realise further financial benefit.
I will write more about this next month, but collaboration is key for any successful R&D project.
Collaboration can take place between yourself and any other organisation. It allows for the transfer of skills and knowledge, and gives you access to facilities, knowledge, experience and potentially new ideas that would otherwise be unattainable.
Engaging in R&D can help you strengthen your brand and reputation. If you’re collaborating with a trusted, reputable partner the potential commercial success from their involvement is huge.