3 Tips to Reduce Time to Market
The ability to reduce time to market (also known as TTM) is especially valuable for a start up. Leading competitors may have all the time in the world, but a small start up fighting for space in the market lacks that option.
In this case, I’m refering to high growth start ups in general; but the need to reduce time to market can apply to any small business as well.
Your need to reduce time to market may be of a first mover position, or identifying a niche market opportunity for example. Generally, if you’ve spotted any opportunity you’ll have to move fast. You miss 100% of the shots you never take (sorry, but I can’t remember for the life of me who first quoted this).
So now you know why reducing time to market is necessary, but how exactly do you do it? Here are 5 easy tips to reduce your time to market:
TTM Tip #1: Increase Costs
Sorry, I know as an Entrepreneur you’re already bootstrapped and this was likely the last thing you wanted to hear. It’s very true though. The fact that you get to market faster, doesn’t mean your expenses will be less. They’ll be increased, and they’ll hit you all at once. So plan on increasing those expenses if you want to reduce your time to market.
TTM Tip #2: Be Comfortable With Change
Become comfortable with change, and embrace it as well. You’ll be getting very familiar with change if you’re not already. Lots of things will change during the start up phase, and the better equipped your team is to handle those changes..the more time you’ll reduce.
TTM Tip #3- Take Advantage of Partners & Strategic Alliances
In my opinion, partners and strategic alliances will reduce your time to market faster, over any other method I have used. Its amazing what a little boost from a good partner can provide. Maybe you’re lacking development resources…here most Entrepreneurs decide to spend 6 months finding an investor; instead of just partnering with a developer or company that may already have “your missing ingredient”.
Always remember it’s never a good idea to blindly “speed” your products in an effort to reduce time to market. The above tips are plain and simple, but should always be aligned carefully into any business strategy.