stages of development - International Business Growth Radio Network

NEO WORLD BIZ ECON SHOW 10: THE DARKEST PART OF THE CONTRACTION - DISPAIR TURNS TO PANIC - WILLIAM EASTMAN

13/12/2021

As we start week 10 of a 13 week series, we are bringing this part of the business cycle to an end.

Today's show focuses on the absolute depths of an economic contraction - usually a recession and maybe even a depression.

Given, as business owners, we have no control of when this happens, our choices are limited to how we respond. Show 10 is about how to come out of the contraction stronger not weaker; come out antifragile.

EPISODE 37: CUSTOMER FEEDBACK - WHAT TO STOP, START, CONTINUE
In show 8 (Episodes 29-32) we covered how to deal with customers as the full impact is being felt by them. This is having a pre-emptive strategy of providing price reductions because of cost improvements covered in show 7 (Episodes 25-28). You are sharing those cost reductions from leaning up processes and using new prices to hold accounts.

Topics:

Establish new set of customer requirements
Establish new set of technical specifications

EPISODE 38: CO-DEVELOP WITH A PARTNER
Your goal in this stage of the contraction is to use the time keeping your people employed getting ready for the expansion that will follow. This starts with improving or creating a new offer and that requires having a customer supporting the effort. This also means create a presale for the offer.

Topics:

Find a partner and first sale
Finalize requirements & specifications

EPISODE 39: CREATE A BETA AND SOFT LAUNCH
Time to move from concept to an actual offer. As always, the first version is a MVO (Minimally Viable Offer), the simplest product/service you can sell that satisfies customer needs at a forecasted price point. Since the new / upgraded offer will be evaluated from 2 perspectives (1) how does it perform, (2) how easy is it to use, you have a situation requiring a dual beta.

Topics:

Build the prototype - a MVO
Create soft launch plan

EPISODE 40: GENERALIZE AND PREPARE FOR THE EXPANSION
Now that you have tested it and compiled external (customer) and internal feedback. Finalize the requirements and specifications with the goal of selling it to everyone, not just one account.

Topics: