Last week, we started a blog post series to help you boost your business. It’s full of tips to help give you something to work towards. We are continuing to share our advice with you here today. Breaking this blog series into parts has given us to opportunity to walk you through these tips in a timely manner. It also allows you to apply these things without getting overwhelmed. Step towards making the necessary changes and watch your business bloom. If you’re ready to read Part 1, check that out HERE. Today, we are sharing the checklist that will make your business skyrocket- Part 2!
The Checklist That Will Make Your Business Skyrocket- Part 2
3. Develop New Products And Services
- Research and update
What you’re looking to do here is identify any new products or services that a) complement those already existing and b) your customers have indicated they’d be interested in buying them from you. Any new product needs to complement what you already sell, not be a substitute, otherwise there is no growth in sales.
- Check financial feasibility
It’s important to make sure there’s a demand, and that you can actually create the product. Diversifying into new products is a medium to high-risk growth strategy because new products and services cost time and money to source or develop.
- Develop prototypes
You won’t be able to market a new product if you don’t have an example to show your customers. So invest some time and money in research and development, so that your prototype makes a good impression and is an accurate representation of what you’ll be selling.
- Test with customers
From friends and family to more formal focus groups, it’s important to test your product in your target market and record and analyze the results. You’ll be able to determine if the demand exists and if there are changes you could make to the product before taking it to market.
- Protect intellectual property
The last thing you want is your brilliant idea and all the work that went into creating it nixed at the last minute because someone else beat you to the patenting, copywriting and trademarking. Equally, you don’t want to be stealing someone else’s idea, so protect your IP and make sure you’re not breaching anyone else’s.
4. Grow IP Assets
- Grow new markets by exporting
If your product is doing well locally, it’s a good idea to determine if there’s a demand for it overseas. Exporting is a great way to maximize your profits and bring in new customers.
- Maintain your competitive edge by conducting regular R&D
Successful businesses don’t rest on their laurels. You should always be on the lookout for ways to add to or improve your product or service, which is where continuous research and development is important. And remember, always protect your IP if you do come up with something new.
Stay tuned next week for Part 3 in this series we are doing. In the meantime, make sure you’re signed up for our weekly newsletter that is packed full of useful accounting, money, and business growth information that you don’t want to miss! You can also follow us on Instagram to snag your daily dose of inspiration as well.
To see Tip #1 and 2, check out Part 1 to The Checklist That Will Make Your Business Skyrocket.