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Once you’ve established your business model, developed client or customer relationships, and filled in any gaps in your team, it’s time to scale your business, also known as the Build And Grow stage of a company’s life cycle. You may feel like everything is happening at once, with plenty of fires to put out. From new hires to streamlining day-to-day business processes, preparing financial documents for the scrutiny of potential investors, and lots of problem solving, these articles and tools will help you survive this challenging and exciting stage.
Markets are dynamic and constantly evolving, no matter how excellent your current products or services. It’s useful to regularly redevelop, replace, upgrade or update your products and services to continue growing your business. Here are some practical methods to uncover a potential new product or service in your business.
To find new product or service ideas try the following:
Finally, contact your customers and ask them what else they need, what are their issues and problems that you can help to solve.
While a good idea has no guarantee of success, a bad idea will most certainly fail. Here are some signs your new idea could work:
Since product development involves time, labor and finance, it’s important to plan carefully in advance. Minimize your risk by applying some sound management techniques to your planning process. Create a team with the skills needed to make the project a success and choose a team leader.
Every new product needs a champion to lead the team. Incorporate the following:
Once a prototype of the new product has been produced, or a new service decided on, it needs to be tested. A soft launch done locally with a few customers is a smart way to test the waters and gather feedback. You can find out what customers think and tweak your new idea, if needed.
Testing will reduce the major risks early so you can decide if it’s worth the potential reward. Minimize the risk by:
Successful businesses are those that are continually looking for ways to innovate. This is an essential component for achieving growth. Whether it’s a new product or service, or one you’ve come up with that’s designed to complement existing ones, make sure you consider these carefully, as this will help maximize your chances of success.
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