10 benefits of embedding innovation into your workplace

Steve Livingston -

Helping companies navigate the UK R&D tax credit relief is a core service that we provide to entrepreneurs and founders of companies across the UK.

We often find that those companies that seek to embed a culture and mindset of innovation into the everyday aspects of their business generate larger and more robust R&D tax claims.

Here are just ten benefits of adopting an 'innovation-first' mindset and approach within your business:

  1. You will more readily find R&D project work in internal as well as external customer facing work (the latter is where the bulk of existing R&D claims tend to focus)
  2. You will likely find yourself maintaining a more uptodate record of the qualifying R&D work that you're carrying out - this can lead to claims for more projects and potentially higher levels of costs identified (= bigger claims)
  3. A culture of innovation can lead to more 'blue-sky' R&D project work (rather than innovating solely in response to customer requirements)
  4. Having an understanding of the financial benefits that accrue to the company from the R&D tax credit relief can lead to more projects being signed off by senior management and/or the Board - this could lead to your next BIG product or service
  5. A more enthused, motivated and loyal team culture can be generated and maintained around a culture of innovation - a feeling of 'this company is going somewhere...'
  6. The opportunity for some good PR for the company can be generated from new or unusual project work or technical findings - this can help raise your company's profile with your peers
  7. A company that attracts more PR for its innovations likely finds itself winning more awards and recognition - a virtuous cycle
  8. Award winning companies attract the best talent - the company gets stronger and builds a deeper moat around its most valuable assets (its IP and people)
  9. A company that lives and breathes a world of endless possibilities and 'what ifs' can withstand whatever challenges are thrown at it - it can pivot quickly and effectively
  10. Innovation comes from the top and works its way throughout the business. Dare to think differently and embed a culture of innovation deep into your company's everyday.