Published on August 17th, 2017 | by Kandace H0
Product Power: Product Management Advice for the First-Time Business Owner
Product management is even more important in today’s digital environment. Good practices enable new ideas and steady growth, but successfully implementing and sustaining these principles into your organization is often a challenge. Here are a few tips to make if go smoother in your new company.
Have a team
Think about how a product management group can benefit your goals. Having a chosen team of key personnel lead initiatives can have several advantages over trying to do it all yourself. A group can develop ideas more quickly to lead innovation, design features, service the right markets, and launch more products. They can align more stakeholders and make balanced, practical decisions on deployment and production. Although you may reserve final decisions and control direction, it’s your product team that’s responsible for all development, marketing, and distribution.
Be the PM
Think of yourself as the product manager. It’s important to research, plan, and document product development. You’re responsible for the product image as well as the technical aspects. It has to be something that will increase the value of your brand to your market segment. You need to have confidence in your design, pricing, marketing, and ability to satisfy customers. You are the driving force and the support behind every product you sell. When you do hire a product manager or put together a team, you must provide the mission and the leadership before others are able to take the same sense of ownership.
Make changes sustainable
Sustaining your product plan and holding it to consistent standards is a continuous challenge. Your team may develop bad habits or let other responsibilities distract them. Some will tend to put their own interests before the company’s. You may want a flexible long-term revenue source while sales is intent on closing deals with a few key clients. It requires choosing and retaining the best talent for the product team. You must define the policies that will keep product management aligned with your company vision, and see that they are followed.
You also have to think about product distribution. The warehouse is the logistics center of your company and must be managed effectively to optimize the profitability of your products. Materials, inventory, and accessibility affect your ability to deliver product to customers. Start thinking of supply chains as value chains. Fortunately there are many options to maximize your storage space. Some companies like Quantum Storage and similar groups offer business oriented options, such as stackable or fold-away storage containers in many sizes and materials. These are ideal for loose items or small boxes that are difficult to palletize.
Product management is necessary from conception to customer delivery. Treating this as a process rather than separate tasks will help to improve value for your customers.