Implementation Is Key To Equity Growth—Part 2 of 2Chia-Li Chien, Ph.D., CFP®, PMP®, CPBC
Chia-Li Chien | Dec. 23, 2013
Implementation Is Key To Equity Growth by Chia-Li ChienIn Part 1 of this article, in which we explored the 4 Disciplines of Execution, we addressed how business goals can become too big, and over time, instead of being able to accomplishing anything, nothing is accomplished.
Remember, the key is to make goals smaller and more achievable.
But how can a business owner change and accomplish what is big in small, doable stages? Let’s explore two other areas of research that may help.
Agile development methodology provides opportunities to assess the direction of a project throughout the development lifecycle. This is achieved through regular cadences of work, known as sprints or iterations, at the end of which teams must present a potentially shippable product increment. (http://agilemethodology.org)
Traditionally, a software development cycle is very long. The agile methodology would dictate that instead of having a large chunk or the entire project as a goal, complete weekly tasks and goals.
When it comes to software, often consumers don’t know what they are looking for until they see or use it. It might take years to develop what the consumer wants and by the time it is developed, they don’t want it or want something else.
Weekly product development checks will keep you agile and ultimately shorten the entire cycle. These shorter increments allow users to get a sneak peek of what they are getting, giving them and you the flexibility to tweak and make changes as you go.
So instead of simply launching the product blind, get users involved in input and market focus groups. Give the consumer the platform and let the consumers decide how to use it. The business ultimately becomes a platform and as a result, desired outcomes fall in place.
Author Peter Sims defines Little Bets as a way to explore and develop new possibilities. Specifically, a little bet is a low-risk action taken to discover, develop, and test an idea.(See more at: http://petersims.com/2011/03/04/little-bets-qa/#sthash.BsaDV6zv.dpuf)
Sims goes on to say that Little Bets are at the center of an approach to get to the right idea without getting stymied by perfectionism, risk-aversion, or excessive planning.
An example he cites is Christ Rock, who will develop new comedy routines based on the reactions from a small audience—a small bet—before performing the routine before a large audience.
So my advice to the business owner looking to increase revenue through a new product is:
1)Start on a small scale
2)Research and test enough to know what your user base will respond to
3) Roll out one step at a time
4) Roll out on achievable scale
Start by reading through some of the material links in this article, then please contact me or comment here with your own experience or questions.