Have you thought about your New Year’s business resolution? According to some of the UK’s business experts, innovation will be top of the list for those businesses looking to make the most of the opportunities of 2013. In recovering from an up and down 2012, businesses will need to think ahead in order to get the most out of their funding options as well as the range of government schemes available. Even if money is tight, innovation needs to be prioritised if you want to get ahead.
Alma Consulting, a leading research and development group, have seconded this view. Martin Hook, their Sales and Marketing Director, commented: “We see 2013 as being the year of innovation for businesses. Innovation, in all of its forms, will play a key role as the UK continues to recover from the economic crisis. Not only will it enable UK businesses to be competitive in the international market, it will also add value to products and services for consumers and businesses.”
“The significance of innovation has thankfully been recognised by the coalition government as 2013 sees the introduction of both the Patent Box tax relief scheme and the ‘Above the Line’ R&D Credit. Together these schemes offer significant tax and cash benefits that can be seized by innovative businesses.”
However, it’s essential for businesses to ensure they’re maximising the value they get from these schemes and from the funding options they choose to ensure growth. Looking outside of the banks is an essential part of this – get to know your options, such as invoice finance, in order to know exactly what can benefit your business. Finance options such as these can unlock cash alongside government schemes to ensure your business is able to innovate and grow.