2.4 conducting research: who’s going to pay?
Regular research is an important aspect of the growth strategy of any business,
but it can be tough to justify the budget necessary for research without knowing
the benefit to the business. Conducting research can cost little more than
the time of someone who works for a company, depending on the skills base
of employees, or it can be an expensive exercise involving external experts.
Deciding where your business needs are on the investment scale depends on
the depth of the research required, and what the expected growth will be for
the business. When embarking on a research initiative, the cost to benefit ratio
should be determined.