Use Inhouse Resources for New Solutions
With economic uncertainty and less resources available, fill new opportunities with resources you already have. This is R&D and product development on a budget.
As you dialog with your team and discover customer insights, seek to serve those new market opportunities with products and processes you already have. Think “inside your box”.
For instance, when I began my career in hospitality, we noticed associations needed city-wide transportation services. We consulted an office within our network in a non-competing market, and then modified the service to fit our market. The resulting shuttle programs contributed 10% to 20% of our bottom line for nine years. Total investment? a little over $600 and a few days of learning.
That is R&D on a budget. Thought leaders not included, we had our own gurus in-house. Look among your team, current and past products, and processes and see what can be repurposed or repackaged to serve current and future client needs or wants.
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