In line with any business owner’s vision for their business however, there’s always a desire to grow and evolve. Any market you may be active in always presents a number of opportunities and gaps for growth, but the old issue of compliance always seems to be standing in the way of the next great idea changing the market forever. Perhaps funding is right up there as well, but compliance is very closely linked to funding, if those two terms aren’t interchangeable altogether.
Let’s take the Financial Services Sector for example. If for instance you have a strong Actuarial Sciences background and you’re fully convinced you could come up with a much better, cheaper and yet hugely profitable insurance product, all that’s really standing between you and implementing your service are compliance issues. You’ll probably have to jump through a number of hoops which have been set up by our friends over at the Financial Conduct Authority, although many of their stringent compliance requirements are absolutely necessary.
Pretty much the same applies for any other industry or sector. It can be very easy to get lost in the whole process of ensuring you comply with all the relevant requirements, particularly due to the fact that it costs money to get compliant.
Focus on the core offering and the money will come
A solid core product or service offering should never suffer under the pressures of trying to adhere to compliance requirements. In fact, half of the job of getting compliant is done by ensuring you have a solid offering, which in addition to its initial development can be solidified by good research and planning. Funding for the further research and development of a product or idea doesn’t necessarily have to instantly be available and come out of your own pocket. That’s what R&D tax relief is for, essentially providing a direct channel for mainly technology companies to fund the research and development of their ideas.
The key though is to demonstrate how your idea, once developed, is going to benefit a relatively large section of the population positively, in line with the development plans of the government agency funding the research and development grant. Get that right and the development of your idea and growth of your business or company will never get lost in compliance.