1.Unique selling point:- Research and Development can help you develop unique products and services. These don't always have to be entirely new. Research and Development can drive product improvement
or innovation within the existing business offering. Here are some tips on researching new product and service ideas.
2.Income :– Unique products and services resulting from successful Research and Development projects can bring financial benefits to the business. This is usually through generating new or enhanced income streams, but R&D can also attract potential new investors to your business. Read about equity finance and joint ventures and business partnerships.
3.Funding :– Doing Research and Development can have cost implications for small business. However,Research and Development can also offer many opportunities for businesses to seek public-sector innovation, research and development grants or even EU funding for innovation.
4. Tax relief :– You can claim Research and Development tax relief to reduce your company's tax bill or, alternatively, choose to receive a tax credit instead by way of a cash sum paid by HM Revenue and Customs. Only qualifyingResearch and Development expenditure will be considered for tax relief purposes – see Research and Development (R&D) tax reliefs.
5.Collaboration :– Collaboration can be a key element of any Research and Development project, and is often crucial to achieving success. Collaboration can take place between your business and another enterprise, university or college.
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