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Research & Development (or R&D as it’s dubbed) is a big thing in business these days; not only can it elevate your company above the competition if you come up with a unique product you can bring to market – or improve an existing one - but it can also give a boost to your bottom line thanks to the availability of grants and tax breaks.
Once upon a time, it was only the big boys who engaged in R&D, however, in recent years, thanks to the many benefits that R&D offers, even smaller SME businesses have begun to get involved in the practice.
Now, R&D is at the centre of many manufacturing and retail companies from all over the world and it has become a core practice that sits at the heart of their business and marketing growth plans. After all, it’s a sure fire way to keep one step ahead of the curve, which is what business is all about.
And it’s precisely for these reasons that Fennel – the UK’s premier supplier of door handles – have put R&D at the heart of our business growth strategy in the past few years – and the gamble is paying off. Here’s why.
R&D is a wide-ranging term that could cover a million things, but broadly speaking, it is the practice of investing in research in your business sector in order to improve the products or services you offer, or to invent completely new products or services.
According to a definition of R& D in an Investopedia article entitled Research and Development (R&D);
“Research and development (R&D) refers to the work a business conducts for the innovation, introduction and improvement of its products and procedures. It is a series of investigative activities to improve existing products and procedures or to lead to the development of new products and procedures.”
Hence, any kind of research that you carry out in order to improve your offering to your customers, followed by the development of new products, services or ways of working is, technically speaking, R&D.
According to the same article, pharmaceutical, semiconductor and software/technology companies tend to be the biggest 3 industries that spend the most on R&D. However, as we’ve already mentioned, the benefits of engaging in R&D are applicable to all businesses, hence even smaller companies are now starting to get in on the act.
Again, the benefits of R&D can be numerous and they apply whether you are a large multinational corporation spending millions on it per year, or a smaller company spending a few thousand.
The following are just some of the ways that R&D can benefit your company;
All in all, it’s hard to understand why you wouldn’t get involved with R&D!
Here at Fennel, we understand the intrinsic value of R&D, which is precisely why we put it at the heart of everything we do too. We don’t just talk the talk, we walk the walk!
For ourselves, we are always looking at the ways that we can improve our products. As you might expect, the market for door handles moves quickly – no sooner is one trend in than it’s out again and another has arrived. As a result, we need to be nimble in our approach and able to respond to the latest trends and styles in handle design.
However, it’s not just with door handles that we take this approach; we do it with our other product lines too. For example, with regard to our unique folding cabinet leg, we noticed a gap in the market for this particular product and so we designed one that suited. As a result, we now have a product that is solely ours and that solves a number of problems previously encountered with cabinet leg designs.
A similar process was followed to produce our very own tambour doors, which, again, are designed to meet the needs of a demanding market, but which also solve the pain points encountered by our customers using other tambour door models.
And so you see, that because we’re so used to using R&D to improve our own product offerings, we can do the same in return for the manufacturers and suppliers we work with.
One such example is our revolutionary Inset Door Handle. Here, Fennel were approached by a door manufacturer client, who wanted to design a door handle that would be flush to the cupboard door and still look fresh, modern and stylish. Fennel worked closely with the company to design our new inset door handle, which not only met the needs of the client but also brought a new product to market.
A bonus for all involved!
Because we’re so keen on R&D ourselves – because we know what benefit it can be to a business – we are always keen to assist our clients in the same endeavour. Hence, if you’ve got a project that you feel we might be able to assist you to with, please do get in touch. We’re always happy to have a conversation, wherever it leads.
You can contact us by phoning 01282 871806 or by emailing firstname.lastname@example.org.