How Unlocking R&D Funding Can Help Make Or Break Your SME
We live in an exciting time. Global communications and international trade have made the world seem like a much smaller place. It’s also become far more competitive, especially if you’re an SME. This is why effective R&D is more important now than it ever has been.
Governments like ours have recognised this and offer an R&D tax incentive to encourage Australian companies to invest in R&D to innovate and remain competitive on the world stage.
With our Radium Advances, we can help you access this funding far sooner than you would through the traditional process.
Why is it important to maintain a healthy cash flow for your R&D? If you’re an SME that operates in a competitive space, it could help make or break your business. Check out the rest of the blog to find out what you need to know about R&D in a highly competitive global economy.
The Key To Innovation
R&D should be recognised as the imperative first phase of the journey toward innovation. It’s the embodiment of your company’s long-term vision and strategy which allows you to progress beyond a more short-term economic outlook and onto one that fully embraces the possibilities of the future.
R&D consists of investing time, money and resources in order to develop innovative products, services or processes that will enable your company to get ahead of your competition and earn more.
Without R&D there is no innovation, and without innovation, you’re highly unlikely to succeed in a competitive global market. That’s why making the most of your R&D tax incentives is so important.
Benefits Of Effective R&D
Implementing and managing an effective R&D program can potentially deliver some huge benefits for your company. Here are some areas in which companies often dedicate their R&D efforts:
- Cost Reduction: R&D doesn’t just have to be about developing new products. It can also be used to develop more efficient ways of doing what you already do. This can help to reduce production costs, increase your margins and deliver a vital boost to your bottom line.
- Patents: developing new patents for products you have developed can help you gain a sustainable competitive advantage and give your company a dominant position within your market.
- Recruitment: top talent is attracted to innovative companies that are doing exciting things.
- Financing: if your business is looking to raise funds, R&D activities are a great way of demonstrating your company’s vision and commitment to innovation to potential investors. Most investors are looking to invest in companies that take a proactive, long-term approach to create sustainable levels of growth, and a healthy and well-funded R&D program can help to prove that you’re that kind of company.
It’s Not Just For Big Corporations
Lots of individuals make the mistake of assuming that R&D is only for large corporations in the tech and pharmaceuticals sector. The truth is that R&D is available and just as important for SMEs. In fact, lots of large corporations began as SMEs that had access to fantastic R&D programs. It’s how they were able to successfully innovate and become the giants that they are today.
Neglecting to take advantage of your R&D Tax Incentive can be the reason your competitors are able to surpass you in the marketplace, who come better equipped to commence their journey toward growth, sustainability and innovation.
If you want to discover your eligibility for a Radium Advance and access your R&D tax incentives as soon as possible, get in touch with us today to find out more about how our advances can help. It could be the difference between making and breaking your business in the long run.