Failed innovations can still reward a business’s bottom line, providing extra capital which can be reinvested through the research and development (R&D) and Patent Box tax credits. Mark Tighe explains…
Businesses grow by increasing sales. The more and the faster you sell, the quicker you will grow, conventional wisdom tells us. However, there are ways to accelerate or boost business growth without the constant need for new sales or new customers, and these rest largely on one key ingredient: innovation.
First, we should define this overused term.
Innovation does not refer only to new products or ideas but can apply to new ways of doing things, such as altering business models to better suit the needs of customers and staff or adapting processes to improve the end product or service.
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