by: Arnold Strub, MBA.
Entrepreneur-in-Residence, DeGroote School of Business, McMaster University.
Strub’s Pickles had already been a successful small business for 75 years when we were first contacted by an SR&ED consultant. We had the usual skepticism about the program; SR&ED is limited to lab work (of which we had little), tracking projects would be too time consuming, the cost/benefit would not make it worth the effort, and that after 75 years we likely had no SR&ED. How wrong we were!
After spending an initial hour with the same consultant, our skepticism was turned to optimism. Long story, short, we have since filed successful SR&ED claims for annual 6-figure refunds.
There are 5 reasons why you NEED to implement a culture that includes SR&ED in your food manufacturing enterprise:
1. An excellent source of funds for the continued development and improvement of your products.
2. It expands the development process outside the lab and onto the production floor and into the boardroom, creating stronger and more meaningful relationships throughout the enterprise.
3. It expands the development process to include your Supply Chain and your Customer Chain, creating valuable vertical strength and synergies amongst your key partners for future growth.
4. An expanded SR&ED process works hand-in-hand with your HACCP and Food Safety initiatives and requirements, optimizing both streams effectively.
5. Better Profits.