Commercial benefits of research and development
Identify how research and development can benefit your business
Sound research and development (R&D) enables you to stay competitive and build customer loyalty. The products and services you develop can help you to:
- boost sales
- increase your profitability
- open new markets - both in the UK and overseas
- enhance your brand and gain a reputation as an innovative business
- attract the best employees through your enhanced reputation
- find new business partnerships
- attract external finance
- gain access to new supply chains
By looking at the business processes that allow you to manufacture, market and sell your products or services, you can:
- reduce costs
- improve the quality of your offer
- get your product to market more quickly
Your research may also bring less tangible benefits - perhaps by revealing knowledge about your market that doesn't have an immediate commercial application, but may be useful in future.
Make sure you protect any intellectual property you create through research, development and product design. For more information, see how to protecting intellectual property.
Remember - if you don't devote enough resources to R&D, your business could risk losing its competitive edge.