India is a land of opportunities these days. The last decade saw lot of new technology companies letting their baby cry out and then biting dust as well. Delving deep inside the ones who failed and the ones whose success sky rocketed, we come to know why some were successful while most of them bit the dust. Here are the following simple steps a new company must never forget before getting into business-
1. Plan for the future– Most companies, whether service providers or product developers try to emulate what is already there in the market. While it might earn you business immediately, you need to keep yourself abreast of what the future of your product/service is going to be. New technology becomes obsolete even before it reaches the masses in the corners of the world. Plan for future. Your services might be a hit today. But they will soon be useless if you dont improve upon them.
2. Handle your product life cycle well– Every product has a life cycle. It starts slow. With good marketing, it picks up and the consumption of your product/service increases. If you meet the expectations of the users, the value continues to grow till a time it reaches the maturity. Lot of companies fail to understand the maturity phase and when the product starts its decline. They keep on milking the cow when they should have been raising another calf. As a result, just version control doesn’t help and the product falls steeply in the gorge.
3. Standardize– Indians have a habit of customizing every thing. It leads to many bad things such as slow delivery process, difficulty in getting the right expertise, too many different versions and hampers the brand name of the service/product. Instead, your focus should be on standardization. It is good to give options to the customers. But even the options must have standard configurations and most desired features. Apply the pareto’s rule. 80% of the users are going to be satisfied by 20% of your features. So you have room to experiment with the rest.
4. Collaborate– No company achieved every thing on his own. To ensure better performance and usability of your product/service, complement it with matching products/services from other companies. Make sure it adds value. It will also help you sustain better in case of slow down or product failures.
5. Technology and People– Please note that better technology and better people are the only two things that contribute to the success of any IT firm. Respect your people and update them as well as yourself with the latest trends and game changing innovations. There will be people with brilliant ideas and very bad executions. Boeing learnt from Douglas’s mistake and went on to become the largest aircraft company in the world. Remember!
Hope this was useful.