How Research and Development is Helping Businesses Grow
Innovation is key to the success of any business, and by carrying out Research and Development (R&D), companies can develop new products, processes, and services that can give them a competitive edge in the market.
An R&D program can help businesses to:
Increase Revenue
According to a report by the Australian Bureau of Statistics (ABS), businesses that engaged in R&D activities were more likely to report an increase in revenue. In 2019-20, businesses that conducted R&D reported an average increase in revenue of 16.6%, compared to 5.5% for businesses that did not engage in R&D.
Improve Productivity
R&D can help businesses to streamline their operations and improve productivity. By developing new technologies, processes, or tools, businesses can reduce costs and increase efficiency. This can lead to higher profits and a better bottom line.
Expand into New Markets
By developing new products or services through R&D, businesses can expand into new markets. This can help them to reach new customers and increase their revenue streams. A report by the Department of Industry, Science, Energy and Resources showed that R&D can help businesses to improve their competitiveness and access new markets.
Stay Ahead of the Competition
R&D can help businesses to stay ahead of the competition by developing new and innovative products, processes, or services. This can help them to differentiate themselves from their competitors and stay relevant in a constantly changing market.
Investing in R&D can help businesses to grow and succeed in today’s competitive business environment. By developing new products, processes, and services, businesses can increase revenue, improve productivity, expand into new markets, and stay ahead of the competition. With the right support and funding, businesses of all sizes can benefit from R&D activities.
In addition to the business growth benefits, there are financial benefits available to businesses that carry out R&D activities. The R&D Tax Incentive is a government program that provides eligible companies with tax offsets or cash refunds for their eligible R&D expenditure. This program can help businesses to recover a portion of their R&D costs, which in turn can help to free up capital for further investment in innovation and growth.
If you’re interested in learning more about the R&D Tax Incentive and how it can help your business, reach out to the experts at Saving Point. We can help you navigate the program and maximise your claims, so you can focus on driving your business forward. Contact us today at:
Don’t miss out on this valuable opportunity to grow your business and get the financial support you need for your R&D activities. Get in touch with us today and start your journey towards innovation and success.
