Top Tips To Introduce Innovation Into Your Company
Getting your teams on board
It’s tempting to believe that innovation pretty much always fails due to a lack of technology - but this is seldom the case.
Innovation often actually fails because of the people involved in it. Perhaps the team lacked certain essential skills, or weren’t fully on board with the project and why it was happening. Sometimes the technology is there, but it’s inaccessible or misunderstood. There may even be a lack of training and knowledge in how to use it. Yes, there is a darker side to innovation.
People are only human after all. Many of your staff, particularly if they’ve been there some years, will be fully absorbed in the tried and tested way of doing things and are reluctant to change. Some find security in knowing their job and not straying from their comfort zone or speaking out about their ideas. In these tough economic times employees can feel threatened by a new innovation because they think their skills will therefore become outdated, potentially jeopardising their jobs.
In this article we’ve looked at ways you can introduce innovation into your company in a positive way.
Give staff a reason to care
Employees that feel disconnected from the company, and their jobs, are unlikely to feel particularly innovative. Help your team to stay abreast of new strategies and plans so they can understand the reasons behind your projects. Explain the challenges as you see them, and invite them to have their say.
Staff who feel involved from the project’s early stages are more likely to engage with it, and see it through to completion. By giving them active roles from the beginning, they’ll learn more than they would passively.
Empower your employees
Let them make their own decisions and action their ideas wherever possible. Employees who are trusted to speak out and take risks are the ones who might just stumble across that next game-changing business solution.
Try not to be overly critical when things go wrong too. If staff feel worried about being berated they’re much less likely to voice ideas and concerns next time which will stifle creativity.
Facilitate the sharing of new ideas
If you think about the different members of your team you’ll likely find that some jump out as being motivated and creative. They’re usually not backwards in coming forwards either!
But bear in mind that although some people have fantastic ideas they may, for a number of reasons, be quieter and less able to communicate them. Therefore, it’s important to encourage teams to collaborate together and share their ideas. Every employee will have their own unique skillset and perspectives, and developing ideas together can do wonders for employee engagement.
Get out of the groove
Over time your company can get into a rut. Employees go to the same conferences and networking events each year and tend to pop up in the same trading magazines. So shake it up a bit! Challenge ingrained beliefs and ways of doing things, and broaden the company’s horizons by getting involved in new events and publications.
Look out for the competition
People who are naturally innovative always keep half an eye on what’s coming down the road. They see what their competitors are doing, what’s gaining popularity and what’s gaining momentum in the market. Encourage your teams to not rest on their laurels, but always to be on the lookout for the next best thing in your field.
Yes, innovation’s great - but funding it can be a headache
Especially at the moment, with businesses around the country grappling with COVID-19 economic woes. Luckily, there’s R&D Tax Credits.
How R&D Tax Credits financially supports innovative projects big and small
The R&D Tax Credits scheme was unveiled by the Irish government back in the early 2000s. It serves to encourage businesses to innovate and grow by offering a tax incentive that covers a large percentage of the costs. It’s actually in this government’s interests to do this, as innovation and growth don’t just benefit the individual companies themselves but the wider Irish economy too through job creation and additional tax revenue.
The scheme works by providing a tax credit of 25% (over and above the standard 12.5% rate) making the credit worth 37.5% overall. So in practice, €37.50 can be reclaimed for every €100 paid out in R&D project costs (yes, it’s that generous!). This credit is used to offset part of a company’s Corporation Tax bill, or if the company made a loss it can be administered in a series of lump sum payments instead.
The important thing is that the company has undertaken research and development work that sought to make an advance in science and/or technology. This is through either basic or applied research, or through carrying out experimental work.
Find out more about the scheme on our R&D Tax Credits page.
Making a claim
The concept of R&D Tax Credits is pretty straight-forward - but making a complete, accurate and maximised application that’s accepted first time is not. This is why it’s highly recommended you contact an R&D funding specialist like us at Myriad Associates, or log on to our fully supported Tax Cloud portal.
What the Tax Cloud portal offers
Quite simply, the Tax Cloud portal allows you to make a self-guided but supported claim for R&D Tax Credits.
The portal is free to sign up, and we only request a fee once you’ve successfully secured your claim - so there’s no financial outlay. Plus, our experienced, friendly team of R&D tax specialists and advisors are on hand to help if you need us. We will also thoroughly check your claim before it’s submitted to Revenue so there’s no unwelcome surprises.
Ready to begin your claim?
- Submitting R&D tax claims since 2017
- Strong track record delivering R&D tax credit claims
- Over €10m claimed and counting
- Industry leading specialists
- We employ technical, costing and tax experts
- Confident of delivering value to our clients, we offer our R&D tax services on a success fee-only basis.
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