A business adviser tells a story that a company was deciding whether or not to invest in a new product but had been mulling over the idea for some years. The business adviser used estimates for the best-case-scenario revenue impact. He found out the following information – the percentage of the existing customer base that would be prospective buyers of the new product, what percentage would realistically buy, and what would be the maximum price that could be realistically charged? He came up with a best-case-scenario estimate and when the business owner saw the figure decided it wasn’t worth the headache with such small revenue. “We killed the idea on the spot and ended a three-year debate in just 10 minutes.” Continue reading “How do you decide whether to invest in a new product or not?”
New ideas. Personal and business growth
Chesney Bradshaw – independent business services
