Lose Face or Lose Out – MSC R&D’s Dan Smith comments.

Whether you’re 7 years old and getting help with your homework, desperate for independence and making use of the bank of Mum & Dad, or sitting on the Board of Directors and drawing on third party specialists: there’s nothing wrong with accepting assistance.

It’s not admitting defeat, it is merely recognising that you can often achieve your goal more quickly and effectively by drawing upon those around you.  However, it would seem that particularly when surrounded by our peers in a Boardroom environment, the preference is to battle on rather than draw attention to what might mistakenly be considered a weakness.

This is understandable, after all you’ve worked hard to get to where you are, you don’t want to risk your position or reputation.  But isn’t it crazy that when the stakes are at their highest, we throw logic out of the window, pander to our vanity, and risk a sub-optimal result?

Whilst I think I could stitch my own arm I wouldn’t dream of doing so.  The pain, risk of serious complications, and level of scarring could be minimised by letting a surgeon do it for me.  Similarly, whilst as the Managing Director of an engineering firm I could have applied for R&D Tax Credits myself, but I chose to use the ‘surgeons’.

They took away all the pain and distraction, ensured the claim was backed up with a fully documented audit trail, and I have no doubt that the resulting claim values were far more attractive than I’d have managed myself.  And you know what, my peers thought no less of me for it.

So, if we happen to get in touch with you please resist the urge to say ‘we already do our R&D Tax Credits thanks’.  Yes, I’m sure you do, you’d be a fool if you didn’t.  However it is highly unlikely that you are achieving the full potential of the opportunity, whilst guarding against future complications, and avoiding unnecessary distraction.

When handled correctly, R&D Tax Credits can open the door to far more attractive funding opportunities.  Please don’t close the door for fear of losing face.