Product Development Compromises
Have you ever thought of a great product, set about designing it only to find that the costings don't work meaning that it is not going to be viable?
You then have to make compromises such as; "maybe if I use cheaper materials, but it may affect the overall product quality.." just to make the product work.
As a small UK business we naturally want to support other UK businesses rather than outsourcing products to foreign companies. However we have found that compromise is a unfortunate side effect for small businesses when it comes to product development.
This week we have been designing a new children's range. For some of the product designs we have found that the cost of materials and labour outweigh the product itself. It's such a shame when you know it's going to be a great product but you don't know if it is worth your time for something that ultimately won't work out financially.
We don't want to have to bulk buy thousands of materials for one product. This is a risk. The only remedy is to compromise and look for cheaper materials which won't effect the overall product itself. This is time consuming and not always fruitful.
Luckily we have remedied this problem (this time) and you will be seeing an exciting new children's range in the very near future! This however is not always the case and the unlucky few products end up in the "box of shame," maybe never to be revived.
How do you deal with this issue in your small business?
Chi Chi Moi.