As an entrepreneur or small business owner, you may want to brush off Research and Development (R&D) Management. You’re not a multi-billion dollar pharmaceutical company, so why would you need to invest your time and resources into R&D? You’ve already got your product and service, so you just want to spend your days marketing and selling - things that directly impact your bottom line.
The problem with that may not be obvious, but it’s right in front of you: you wouldn’t be where you are without R&D. Starting your company, creating your product, and perfecting your service all required research and development even if you didn’t realize it. And to continue to grow and nourish your business, you need to continually be spending time and resources on ongoing R&D. It is how you will continue to serve your customers, cut costs, and ensure that your company continues to move forward.
Why R&D
Plain and simple - R&D will help drive your bottom line. It does this by serving two main purposes for your company: to develop new products and services, and to find more cost efficient ways to continue offering your existing product or service. It may seem like you are already an expert at what you do, but the reality is that markets are constantly changing, as are your customers’ wants and needs. To meet those needs, you need to stay ahead of the curve and always be ready for the next big thing.
Innovation and Creation
We’ve all witnessed the wild success that can come from innovation. Businessmen like Steve Jobs and Mark Zuckerberg transformed industries and created new markets with their ingenious products. In fact, whenever a new product or service enters the marketplace, R&D is responsible.
