What do product people, like me, do for a living? It varies, so I can only shed light on how my work usually starts in a company. We have to remember that usually I for some reason end up in small-mid-sized companies that have growth dreams, but it has been really hard for years or tens of years. They're stable, but mostly in "mature" part of their business - found their limits in way or another. It goes two "tracks". Building the business and building the culture so that it removes the obstacles for growth. The process from "product perspective": 1. Establish steady and sustainable business if it's not yet that. I mean, most of the companies have built tens of things to get the money in, there are trials and errors. Usually at this point the focus is not "focused" enough. The first step always is to find the successes and to focus on that. In practice it means understanding the internal data, but more understanding the customers and their painpoints. 2. Get the business to run properly on stable business. Not yet massive growth, but get balance between processes and "debt" that has been built. I mean you need room to build things, this is what is the next step. 3. Find the growth drivers. When you have done steps 1 and 2 properly, you should have quite stable culture on "customer centricity", which will get the feedback flowing on the growth items. Start building the tools, processes and so on for that. The process from people perspective: 1. Get trust. Always the first thing to do. Build it as soon as you get it. You can achieve 0 if you don't have trust. 2. Create culture that allows faster cycles of feedback from the customer and that result in faster value processes. I mean, this is done purely by people. Usually it's done by creating psychological safety to be able to achieve good levels on purpose, mastery and skill. It's all about autonomy and building people that are allowed, trusted and empowered to do their best - and removing silos. Usually a lot of them! 3. Step out of the way. I mean the whole idea is that you need to get more brains to build the business. This is the hardest part for me usually, to get out of the way when things have been aligned and things start to work. That means my time is more usable in the growing the business. So. That's what we do in product, especially on software side. You will need help. No-one can do it by themselves, it requires good understanding of finanaces and business if you're a tech based person and other way around. The holy trinity should work. So. Nothing new this week, just a rant about how I feel things are and have been in product. Feel free to challenge. And if you're new to software or products, I hope this vague thing provided some insights. And in the end a non-AI image Image by StockSnap from Pixabay, that shows what people think about "product". It's not like that, but it prolly will catch your attention.
Jarno Tukiainen’s Post
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Here are some insights from a successful entrepreneur who navigated the thrilling journey from startup to scale-up. 👇 But.. what is missing or unsaid here? #StartUpJourney #Purpose #People #Culture
WHAT IS MISSING OR UNSAID? “The unsaid ... invites the reader into the narrative, filling in gaps, interpreting silences and half-finished sentences, and seeing the hidden fear in someone's eye.” FIONA BARTON Brock Berry, co-founder and CEO of AdCellerant—a Denver-based digital marketing and advertising technology provider—sets out in <inc.com> eight strategies he has found successful in creating sustainable growth—but does the formula presented hold true? Business ventures are always fuelled by passion, vision, and a drive to make an impact. The journey from start-up to scale-up is thrilling and filled with challenges, triumphs, and invaluable lessons. Here are the eight strategies for sustainable success that Berry lists: 1) Cultivate a vision with purpose. Define your mission and values. Let them serve as your North Star as you navigate growth’s ups and downs. These should inspire your team, resonate with your target audience, and drive every decision. 2) Prioritise people and culture. Invest in top talent who share your values and align with your vision. Foster collaboration, innovation, and continuous learning, where every team member feels valued and empowered to contribute their best. 3) Embrace innovation and adaptability. Encourage innovation and experimentation. Be open to new ideas, technologies, and market trends, and always be willing to pivot when necessary. 4) Focus on customer experience. Deliver exceptional experiences for your customers. Take the time to understand your customers’ needs, preferences, and pain points, tailoring your products or services accordingly. 5) Develop a scalable growth strategy. Identify key growth drivers and set measurable milestones. Continually revisit and assess them. 6) Leverage data and analytics. Use data and analytics to better understand your business, your customers, and market trends. Invest in robust analytics tools enable you to track and measure key metrics, identify opportunities for optimisation, and make informed decisions. 7) Stay true to your roots. Uphold the principles that define your brand and culture. Integrity, authenticity, and ethical conduct must remain non-negotiables. 8) Celebrate milestones and success. Acknowledge your team’s hard work and dedication and celebrate the achievements that mark your journey from start-up to scale-up. Celebrating milestones boosts morale and motivation and reinforces a culture of success and achievement. Often it is what is missing or what is unsaid that is the most difficult aspect of a critique. These formulaic approaches to business always seem to claim absolute success by following the formula. Real-life, however, always suggests that if the formula was complete, then just about everyone who faithfully followed it would be successful. From a Finance perspective, do you see something important missing or unsaid here? For more, a direct link to the source article is in the comments.
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Product Life Cycle Management | User Experience | Product Management Consultancy | ML - AI | Customer Experience
🚀BALANCING GROWTH AND PROFITABILITY: A Strategic Approach to Scaling Scaling a business is an exciting milestone, marking growth and increased market potential. However, it presents a challenge central to any expansion effort: maintaining profitability while navigating complex operational demands, rising costs, evolving customer expectations, and competitive market dynamics. Here are key strategies for successful scaling without sacrificing profitability. 🧱UNDERSTANDING THE GROWTH PHASES Businesses typically go through several distinct growth phases, each with its own set of challenges and opportunities: 🌱 Early Stage: • Focus on achieving product-market fit by validating assumptions. • Prioritize core features that solve customer pain points and gather feedback. • Invest in a scalable tech infrastructure to support future growth. 🌐 Rapid Growth: • Optimize team workflows to manage increasing complexity (cross-functional teams, clear roles). • Leverage data analytics to drive decision-making and understand user behavior. • Prioritize automation of repetitive tasks to scale faster and reduce manual overhead. 🏢 Maturity: • Refine the roadmap to stay competitive and innovate based on customer feedback. • Optimize product operations for efficiency and alignment with long-term goals. • Drive customer retention by continuously improving product value. 🔄 Decline: • Shift focus to pivoting or adapting your offering to meet evolving market demands. • Strengthen your moat by doubling down on core strengths that make your product unique and irreplaceable. ⚙️ KEY CHALLENGES AND SOLUTIONS As businesses scale, they often face these common challenges: 👥 Scaling the Team: • Attract top talent, foster a strong culture, and enhance onboarding. 🛠️ Managing Technical Debt: • Prioritize code quality and have regular reviews for long-term maintainability. 🛡️ Maintaining Product Quality: • Automate testing and prioritize quality assurance. 📞 Scaling Customer Support: • Adopt self-service options and support automation. 📊 Adapting to Market Dynamics: • Conduct regular market research and prioritize features based on feedback. ⚖️ BALANCING PROFITABILITY AND SCALING To achieve sustainable growth, businesses must strike a balance between scaling and profitability. Key strategies include: 💰 Prioritize Profitability: Ensure steady revenue to fund growth. 📈 Incremental Growth: Focus on sustainable expansion. 🧩 Diversification: Tap into new markets or products to stabilize revenue. 🤝Strategic Partnerships: Collaborate to share resources and reduce costs. 💡Continuous Innovation: Invest in R&D to stay ahead. Finally, scaling a business is a journey towards sustainable growth. By strategically planning and implementing strong foundational practices, businesses can navigate the complexities of growth while ensuring long-term profitability and exceptional customer satisfaction. #productmanagement #productmanagers #businessdevelopment #scalingup
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Head of Facilities Management Facilities Project Management PECB Certified ISO 9001 Lead Auditor (PMP)® (Project Management Professional) from PMI USA Lean Six Sigma - IASSC®️ Certified Black Belt™️ ICBB™️
Business Life Cycle: Every business, regardless of size or industry, goes through a series of stages known as the business life cycle. Understanding these stages can help entrepreneurs and managers navigate challenges and seize growth opportunities. The business life cycle typically consists of four main stages: Startup, Growth, Maturity, and Decline or Renewal. Here’s a closer look at each stage : 1. Startup The Startup phase is where a business idea is brought to life. This stage involves a lot of planning, research, and the initial execution of ideas. Businesses often focus on product development, market research, and securing initial funding. The primary goal is to establish a solid foundation and gain early traction in the market. Key Characteristics: - High energy and enthusiasm - Limited revenue and high costs - Experimentation and iteration 2. Growth In the Growth stage, the business starts to gain momentum. Sales and revenues increase rapidly as the company begins to scale operations. Marketing efforts are intensified, and the business might expand its product line or enter new markets. The focus is on increasing market share and establishing a strong brand presence. Key Characteristics: - Rapid revenue growth - Scaling operations - Increased marketing and sales efforts - Hiring more employees 3. Maturity The Maturity stage is characterized by steady and sustainable growth. The business has a well-established market presence and a loyal customer base. Revenues and profits are stable, but growth rates may slow down. Companies in this stage focus on optimizing operations, improving efficiency, and maintaining market position. Key Characteristics: - Stable revenues and profits - Market saturation - Focus on efficiency and cost control - Potential for product or market diversification 4. Decline or Renewal In the Decline or Renewal stage, businesses face the challenge of declining revenues and market share. This can happen due to market saturation, changing consumer preferences, or increased competition. Companies must decide whether to innovate and renew their business model or face a gradual decline. Renewal often involves introducing new products, rebranding, or exploring new markets. Key Characteristics: - Declining revenues and market share - Need for innovation or rebranding - Potential for revitalization or exit strategy - Emphasis on strategic decision-making #Conclusion Understanding the business life cycle is crucial for strategic planning and long-term success. Each stage presents unique challenges and opportunities. By recognizing which stage your business is in, you can make informed decisions to drive growth, optimize operations, and ensure sustainability. Whether you’re just starting or managing a mature enterprise, staying attuned to the business life cycle can help you navigate the complexities of the market and achieve your business goals. #bussiness_lifecycle. #Facilities_projects_management.
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In a world where markets evolve faster than a chameleon changes colors, the strategies for business growth can feel like solving a complex puzzle. I came across an article that dives deep into innovative business growth strategies that might just hold the key to thriving in these unpredictable waters. Here are a few compelling takeaways: - Emphasize Customer Experience: Customer satisfaction isn't just an added bonus; it should be at the forefront of your strategy. Businesses that focus on enhancing customer interactions are more likely to cultivate loyal customers who become advocates for your brand. - Leverage Data Analytics: In this information age, data is your compass. Understanding customer behavior through analytics can guide your decision-making, ensuring you’re always a step ahead of the competition. - Foster a Culture of Innovation: Encourage your team to experiment and innovate. A culture that embraces new ideas can lead to groundbreaking products and services that resonate with your audience. - Utilize Digital Marketing: The digital landscape is rich with opportunities. With the right strategies, businesses can amplify their reach and engage with potential customers more effectively. Equating business growth strategies to navigating a dense forest, consider this: just as a guide rarely travels without their map and compass, a successful business continuously seeks tools and insights to navigate challenges. Without these, it's easy to lose your way among the trees and underbrush of consumer preferences and market shifts. What strategies have you found to be game-changers in your own business journey? Let's discuss how we can all learn from one another to adapt and thrive. https://lnkd.in/ehY4rXb9
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I help CEOs of small businesses who have hit a growth plateau or want more freedom. By using my Proven Tier 1 business methods and using AI as an enabler, you'll achieve a 10X business transformation | DM me
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