Waiting for genius to strike doesn’t work in New Product Development (NPD) in manufacturing. You have a business to run, and serendipity is not a healthy strategy. Here’s a few quick steps to both speeding time-to-market and increasing profitability of your new products.
Rebecca shares some inexpensive and simple methods to be manage your business risks, from customers, suppliers, employees, product, and evil intent.
Executive Summary: We can’t prepare for every eventuality and we shouldn’t. But there are inexpensive and simple methods to be reasonably prepared. First, consider these normal sources of business risk: Customers,Suppliers,Employees,Product and materials, Competitors,Evil intent of others, Bad luck, and of course, Lousy Leadership. In most of these categories, you can identify the likely risk categories quickly. As a minimum, you can set simple metrics or processes to assess status. A bank that’s not prepared to handle a robbery is incompetent. Manufacturers can prioritize risks based on likelihood and define prevention, recognition and mitigation plans. These quick risk management steps are inexpensive and simple to execute. It’s unethical and lousy leadership that escorts a company totally unprepared for likely risks.
Not everything is learned in Kindergarten – Rebecca explains key lessons she learned from her mentor Ed along her journey of lifelong learning. These simple lessons will help you too.
Executive Summary: Do you have very simple tests for distinguishing those you want to work with from those more trouble than they’re worth? Next, ignorance is not a bad thing, unless we try to hide it. I don’t need to pretend I know everything. Neither do you. False omniscience is expensive. ..who makes the most isn’t a big deal. What is a big deal is who brings the most value. The biggest lesson running through all these examples is that simplicity is more effective than complexity. Each of these examples demonstrate a straight forward approach. No effort to complicate.