Documenting a vision for the future and measuring progress against that vision is a key step toward moving the business forward. Employees at all levels should adopt this vision and be committed to achieving it through their own efforts.
In manufacturing staying a step ahead means innovating for the future instead of creating products for today. Businesses must aim to solve customers’ future problems instead of just providing a solution for today’s pain points. Offerings should align with the company’s core values even as the market continues to evolve. Furthermore, strategic decision-making should always tie back to these values.
Figuring out how to expand with a new product that plays in the same space where they have already built a customer base is the key to sustainability. However, many inventors-turned-business owners find this step insurmountable, allowing success to slip away once a product’s heyday has ended.
The most successful manufacturers understand that resting on success can kill even the most popular businesses. A commitment to ongoing product development is the best way to ensure future relevancy. Developing additional products that align with a current area of expertise is crucial to building the brand and driving growth.
Many small manufacturers get their start innovating around a single hit product but building on early success is often the hardest thing for a business to do. As Robert Glazer explains, “When you bet your company’s future on just one product’s explosive success, that doesn’t automatically translate to long-term growth.”
Read full article Developing New Manufacturing Products to be the Next Big Thing