Innovation, research and development
Innovation, research and development are essential to the long-term survival of your business.
Customers today demand more for their dollar. Businesses are having to make do with less. There are also much higher expectations for increased service and greater productivity.
Those businesses that are content to 'do it the way they have always done' put their long-term survival at risk. In business you must constantly be on the lookout for new and better products and services, more efficient processes, new ways of delivering services and other innovative strategies to get ahead of the competition.
Research and development (R&D) is the process of creating new and improved products. It is a prime example of innovation. In small business the focus tends to be more on improving product. This is mainly due to budget limitations and associated cost factors.
The R&D Tax Concession was introduced in 1986 to encourage Australian industry to undertake research and development activities. It aims to make eligible companies more internationally competitive by encouraging innovative products, processes and services and by promoting technological advancement, strategic research and development planning.
If you are looking for ways to improve your business products, your industry association can be a great source of information. These associations will be able to direct you to sources of information about best practice and new products in your industry.