The following is a guest post from Amanda Green, to have your story featured on the Wise Startup Blog, write to “wisestartupblog” @ gmail.com.
The Value of Research For Small Businesses
Research is vitally important to the growth of a small business. This is true for all businesses, not just companies who specialize in medical, scientific, or technologically ground-breaking discoveries. The ability and inclination to invest in research is what separates many small businesses from their peers. No matter what industry you’re in, from Internet marketing to legal representation, research is the foundation by which your company can propel itself to the next level.
Research can prepare you for the future of your own industry. Small businesses who don’t anticipate changes in their industry and prepare for those changes are doomed to fail. Research into new business models and technological platforms will allow you to foresee how you may need to alter your plans in accordance with industry trends. If you’re a medical or scientific company, glimpses of the advances being made in biotechnology, for instance, can be seen in the research being conducted by Huntingdon Life Sciences.
Research can reveal ways for you to carve new markets and integrate your services with new technologies. Industries like social media and Internet marketing show how drastically existing industries are becoming dependent on new innovative services. For example, integrating with cloud services or VoIP real-time communications may open up a new universe of delivery and revenue options.
Research will keep your abreast of how to minimize overhead costs, become more energy efficient, and utilize new technologies. Research also applies to your bottom line and how you can reduce your operating costs. For example, many companies are choosing to essentially liquidate their IT departments and outsource that work to the cloud, saving money and bolstering their security. Might not be good for employment rates, but that responsibility does not fall on an individual company.
For these reasons and more, research must not be viewed as a luxury for big corporations, but as a necessity for all business who wish to grow and adapt to industry changes. For small businesses, lucrative research is more often than not the catalyst for major growth.