Cost-Saving Keys of Creating Product
There’s a great quote that I love called “Tactics without strategy is the noise before defeat.”
If you’re just running around doing things without understanding what they will give you strategically, it will be an expensive path for you. The first thing you should do is take the time to ground into what you’re doing about your product.When we’re doing something new or stretching in a new way it’s really important to get the guidance, as much as we possibly can because it will save you tremendous amounts of money.
The mistakes that I see and have also experienced myself are that I have tried to minimize a cost, thinking I was saving money but it ultimately cost me more time, which actually bogged us down.
It’s really important you get the expertise and guidance you need because you can only see so far. It’s important to hire the skillsets you need and the team you need. Working with experts will cost you less money over the long run and give you more speed.
Next is about minimizing your inventory. This alone can make or break your business. People think it’s cool because they have a big inventory of their product but that’s not necessarily a good thing.
Too many businesses have too much inventory because they did something incorrect or out of sequence in their product itself, not just in their business building, but in their product cycle. When you have 20,000 of something sitting in a warehouse with a packaging problem with all of it, that’s an expensive thing to fix.
You have to minimize your inventory where you can and get the numbers right as much as you can. If it costs you more to do a small run and you need to take a smaller profit margin on that first batch of product, usually that’s a good plan.
Here is the overview of key cost-saving things you have to pay attention to:
1.Get grounded into the strategy of what it is you’re creating and how you want to sell it, before you go out and start creating a bunch of stuff.
2.Minimize your inventory where you can and balance it with what it’s going to take to move your business.