Budgeting for R&D costs can be challenging, especially for startups with limited resources. Here are some steps to effectively manage R&D expenses:
Set Clear Objectives: Define the goals of your R&D activities. Whether it's improving an existing product or developing a new one, having clear objectives will help streamline the process. Allocate Resources Wisely: Determine how much of your budget can be allocated to R&D without compromising other critical areas of your business. Monitor and Evaluate: Regularly monitor the progress of your R&D activities and evaluate their impact on your business objectives.