How to Grow Your Small Business (Day 5 of 6): Guarantee a Successful Product

Ever seen a product launch flop? Happens all th time.

It's like building a plane only to find the wings won't lift.

But what if you could test your business 'wings' effectively before taking off?

Streamlining your product offerings doesn't have to be a guessing game.

Here's a more strategic approach

Your products are the wings of your business, vital for staying airborne.

Here's how to ensure they're ready for flight:

1. Cut the Dead Weight:

• Identify and eliminate non-profitable products.
• It's tough, but necessary.
• Analyze the costs of production, marketing, and distribution. If they're not paying off, it's time to let them go.

2. Double Down on Winners:

• Focus on what works.
• If a product is already successful, it's likely easier to expand its market than to start from scratch.

3. Introduce New Products Wisely:

• Before diving into new ideas, run them through a Product Brief. It's your wind tunnel test.
• Ask critical questions about the target market, competition, and finances.
• This step can save you from costly missteps and highlight opportunities for innovation.

Remember, while your marketing and sales engines push your business, it's your product offerings that keep you soaring.

Series Recap:

• Day 1: You should look at your small business when growing as if it were an airplane composed of five major parts,
• Day 2: The cockpit (leadership).
• Day 3: The right engine (Marketing).
• Day 4: The left engine (Sales).
• Day 5: The Wings (Product)

How do you evaluate and optimize your product offerings? Share your strategies and stay tuned for more insights in our 'How to Grow Your Small Business' series!

Small business? How's your cash flow state? Are you financially ill?

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