Regardless of whether or not your business is already established, you’ll want a defined strategy for dealing with new initiatives. How do you attain the temporary resources necessary to get a new product or idea off the ground? Sometimes, it’s as easy as sourcing ideas from like-minded entrepreneurs.
Bots by Design Founder Cathi Tarbox advises, “Try before you buy. Put your feet into the water, test it out and if you’re getting good feedback and wins on the board—just jump in the deep end, but maybe with a life jacket.” Here are some other suggestions so you can hit the ground running.
With any new venture, it’s important to consider different perspectives and thinking before moving forward. Running a lean startup or even launching a new product or service with an established company means crowdsourcing feedback from both customers and support staff to ensure the idea holds water.
All new initiatives must point to metrics upon which its success is measurable, whether tangible or qualitative. The positive outcome could be anything from the creation of a new market to a competitive advantage in the market, both of which start with a case for change.
Working toward a common goal for a new venture can be as simple as looking to past successes to provide a step-wise approach to define the pillars of success and how to implement a well-laid plan. Likewise, involving key players from past initiatives to ensure all perspectives are being considered and a distinct vision is being drawn up.
Before launching head-first into any new innovation, you’ll want to know if it adds value to the company and its customers. Ask yourself (and all involved parties) if the product or service addresses an existing challenge or reaches a new market in terms of customer segment or new territories.
It’s easy to get carried away in the excitement of a new venture, so the challenge is to maintain current workload and expenditures while projecting effort. Depending on the scale of the initiative, engaging stakeholders throughout the process can help keep time and money in check.