The Importance of Research and Development

 

One of the major forces that engenders business growth and expansion is consistent research and development. A lot of businesses are not growing because the owners just woke up and opened a shop somewhere.

Big corporations spend billions of dollars annually on research and development. For example, the management of Amazon spent about $22.6 billon on research and development in 2017, and their revenue that same year was about $178 billion! You cannot invest in research and development and lose money.

If you were at the CEO Success Summit in February this year, you will remember that I shared the story on how Amazon monitors their competitors. They have a squad set up to monitor their competitors and to find out how fast their services are and report back to the management to do something about it immediately. That way, the company keeps growing exponentially.

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.

Any business owner who wants to take his business to the global stage must understand how research and development works and invest enough resources in it.

The good news is that every business owner that wants to unleash the power of research and development can learn how to strategically apply it right now. All you have to do is to simply send an email to us immediately via info@kingsuncommonwisdom.com or click on Our Solutions button and sign up.

You should set up your research and development strategy before the beginning of next year. So do it right now. You can also call us on 07032681154.

Keep soaring!

www.kingsuncommonwisdom.com

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