If it’s time for your business / startup to take on the challenge of new product development, take a moment to review these few tips that the Leardon team has compiled. These tips lean mainly towards new product development for small to medium sized businesses where several unique pitfalls are more likely be encountered.
#1 Dedicate a point of contact
With any product development, there are a lot areas of potential failures. Product development requires strong communication. Choosing a team member on your side to dedicate as the point of contact for all suppliers and vendors will greatly cut down on confusion especially when it comes to communicating with overseas suppliers and vendors.
#2 Constant communication of expectations
It’s important that expectations regarding product specifications and delivery dates be clearly communicated and documented with revision changes notes to avoid confusion.
#3 Be excited but do not drink the Kool-aid
Unlike being a sole proprietor striving to get a product to market, you have a team to support features and ideas. This is good and bad – Good in that you get multiple perspectives, bad that your team is too close to the project and too invested which can lead to skewed perspective of the market value. Be sure to get the feedback of people outside of your organization to see their response since they are not emotionally connected to all of the hard work.
A creative and passionate group of people working together to bring a product to market may get caught up in the innovation and details of that product which leads to problems such as feature creep. Document a clear plan that reflects some sort of focus with an end goal to avoid losing sight of the key problem the product has been built to resolve.
#5 Be Resourceful
Enterprise level development software licenses ( such as SolidWorks ) can be a huge blow to any budget, check around online for open source variants or outsource the parts of the product development that are cost prohibitive internally.
Need more information on helping your small business or startup develop a product? We can help, contact us today!