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.
Contact me for challenges you would like to see addressed on leadership, firstname.lastname@example.org.