Top 3 Ways to Reduce Product Development Cost

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Small companies do not have a significant sales volumes to offset development cost. They must keep product development budgets reasonable, without sacrificing quality. However, they often have smaller and inefficient teams. They also have less than complete processes and long product life cycles.

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Top 3 Ways to Reduce Product Development Cost :

Top 3 Ways to Reduce Product Development Cost By Steve Owens

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Small companies do not have a significant  sales volumes to offset development cost. They must keep product development budgets reasonable, without sacrificing quality. However, they often have smaller and inefficient teams. They also have less than complete processes and long product life cycles.    

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What should a small company do? Here are the top 3 methods for keeping development cost low in a small company while actually increasing quality.

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#1 - Reference Designs:   Starting with a reference design is like starting the race from the halfway point.   Using parts of other designs means you have fewer hours to develop.  You can see some of our reference designs  here https:// www.finishlinepds.com/case-studies

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  #2 Use Experts:  Experts and specialist do not charge you to "learn." They already know how to get the job done. Keep your team lean by hiring only for core skills and hire experts for noncore skills.

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  In a small company, you can not afford to have people "learn on your dime."

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#3 Use a Proven Processes : Lack of processes often leads to doing the wrong thing really well. In a highly technical arena, it is not difficult for team members to each have their own idea of what the product vision is.

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Following a mature stage gate process will go a long way in avoiding having to do work all over again. This white paper is a great start:  https :// www.finishlinepds.com/keys-to-successful-product-development

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After 15+ years and 1,500+ projects, we have developed a great set of tools to help improve product development and are happy to share these with you. T he RD Template as well as other tools can be found here https:// www.finishlinepds.com/tools

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Finish Line has completed more than 1,500 projects for 275+ companies, creating market-dominating products by combining clients’ ideas and market reach with our talents, team, and processes.  We can do the same for you. Best Regards, Steve Owens 603-880-8484 https://www.finishlinepds.com