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 for small and medium-sized enterprises (SMEs). This is why smart R&D is more important now than it ever has been.
Governments like ours have recognised this and offer an R&D tax refund 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 capital far sooner than you would be able to otherwise.
Why is it important to maintain a smoother cash flow for your R&D? If you’re an SME operating 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 today’s 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, capital 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 refund is so important.
Benefits of smart capital for R&D
Implementing and managing a smart 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:
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.
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.
If your business is looking to raise funds, R&D activities are a great way of showing potential investors your company’s vision and commitment to innovation. Most investors are looking to invest in companies that take a proactive, long-term approach to create sustainable levels of growth. A healthy and well-funded R&D program can help to prove that you’re that kind of company.
Companies that innovate and do exciting things attract top talent.
It’s not just for big corporations
Many people mistakenly assume R&D is only for large corporations in the tech and pharmaceutical sectors. The truth is R&D is available and just as important for SMEs. In fact, many 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 they are today.
Neglecting to take advantage of your R&D tax refund can be the reason your competitors are able to overtake you in the marketplace, on their journey toward growth, sustainability, and innovation.
If you want to discover if you’re eligible for a Radium Advance and speed up your R&D tax refund to access your capital as soon as possible, get in touch with us today. Speak with one of our experts by calling 1800 723 486 or emailing to find out how Radium Advances can help. It could be the difference between making and breaking your business in the long-run.