Get Your Customers to Pay for New Ideas

There is never enough money to invest in developing products when you’re running a self-funded business. When you’re running your company out of cash flow, most of your resources go into selling your existing products and services, leaving little left over to fund your new product ideas.

You could keep plugging away with your existing product or service lineup, but you will leave yourself exposed to competitors that dream up a better offering. The other option is to develop unique new offerings for customers that ask you to customize your solution, but that can eliminate any scale in your business as you develop a unique thing for every opportunity.

The other option is to offer to develop a custom product for one client with the understanding that you will retain the rights to the intellectual property (IP) associated with developing their unique solution.

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Franne McNeal, MBASignificant Business Results, LLCSignificant GPSSmall Business Growth Services