Is Your Product/Service Development Process Slower than the Economy?

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There is so much emphasis these days on specialization, serving a niche, and improving what you do that some companies get in a horrible rut.

Imagine you ran a M&A (mergers and acquisitions) firm like Peter Colella does.  He is the President of the Colmen Group.  That’s complicated business, right?  It’s a big dating game.  They are always looking for buyers and sellers, evaluating compatibility, and facilitating deals.  But one of the many reasons Colmen has been successful is that Colella continues to introduce new services to the mix in response to customer needs. They got into developing, staffing, financing, promoting, and integrating new offerings several years ago and more recently they added management advisory services as well.

“It may not sound sexy,” says Collela, “but our clients were really happy when they learned we could provide ‘spreadsheet jockeys’ for them while they were going through the various steps involved with deals.”   (Click here to listen “When & How To Introduce New Services” with guest Peter Colella.)

Or imagine you are in the “personal image” business. Would you be one of the first firms to provide make overs? Did you pitch a television show to the cable networks?  Would you have seen the cue to author a book? Would you use UTube and Facebook as ways to reach the public? Entrepreneurs like Mary Lou Andre and Karen Kauffman have found ways to update and expand their services in that highly competitive market.  (Click here to listen to “DIFFERENTIATION” with guest Karen Kauffman.)

Or imagine that your company provides project management or marketing services?  Those services can quickly become commodities, right?  Greg LaLonde of TripleFin has stayed ahead of competitors in that space by focusing on the pharmaceutical and consumer products industries and investing in new services to become a one stop shop for their customers.  (Click here to listen to “The Power of Committing to Vertical Integration…Especially during a Tight Economy” with guest Greg LaLonde.)

Thrity-eight years ago I did not know that my businesses would provide a range of services to help midsized companies keep growing.  Expanding from strategic planning into services like growth financing and executive search has certainly helped my businesses achieve 93% repeat business and attract talented employees over the years.

When/if your business hits a plateau, consider the possibility that the plateau may not have been caused by the economy. Maybe your company’s product/service development process is FLAT!

About Aldonna Ambler:
Known as The Growth Strategist®, Aldonna Ambler built and grew a suite of companies to help midsized B2B companies achieve accelerated growth with sustained profitability® A Certified Speaking Professional (CSP), Ambler has addressed over 2000 audiences and hosted a syndicated online talk show about growth strategies for 9 years. As a growth financing intermediary, Ambler raised over $1 Bil dollars for midsized companies. The winner of over 2 dozen prestigious national and statewide "entrepreneur of the year" awards, Ambler is available to speak about “profitable growth during any economy” and/or serve on the board of a growth-oriented privately-held company.

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