Product Development for the Little Guy
Apply big-boy New Product Development (NPD) strategies at your small company.
Smaller companies can benefit just as much as large corporations when it comes to having a formal, New Product Development (NPD) process. According to the Product Strategy Blog, a typical New Product Development program includes:
- A review board that provides resources to development programs.
- A core team responsible for managing development implementation.
- Management reviews for milestones during development.
- Clearly defined objectives and deliverables for each management review.
While many of these process parameters translate to small business, some special considerations come into play. These include:
- A lack of a dedicated product manager or product management resources.
- Less R&D dollars.
- A non-existent or informal company strategy.
- Smaller development teams.
The Product Strategy Blog explains these special considerations, and how they affect small company strategy in the full article (link below).