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That is why many companies turn to professionals like frontecheu.com. Tracking your development process is crucial because it is the base of everything you are trying to build. Without it, there is no product.
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Your revenue goes up during the growth phase, but
there is still a lot more to be done before you can relax and turn your product or service into a profitable venture. |
Furthermore, the demand is simultaneously increasing with the profit, but you still have to provide funding money or put your trust in lenders.
As time passes, your sales are reaching a level you are satisfied with. However, due to the increase in competition, the prices will consequently drop. The bright side is that the production cost will drop as well. Furthermore, since everything is running smoothly, you have enough revenue and there is no need for additional funding.
Nothing can last forever, and that is exactly what you will experience in the decline stage. Whether it is because of the high competition, change in the needs of the customer, or market saturation, you will feel the decrease in your sales.
Nevertheless, there is no room for fear. At this point, there are several paths you can take:
All of these actions are quite normal, and all major companies use the same strategies when the time comes.
With all that we have learned so far, let's talk briefly about the use of PLM in small businesses. The entire PLM process offers an option to create something unique. Running a successful production line is a dream situation for many business owners.
First of all, you have the option to target specific groups of clients. Next, when you reach the growth and maturity stage, you can say for sure that you have your own product that can maintain the company name for many years to come. Finally, in the long run, you have a developed service that can become the groundwork for future projects. Nevertheless, there are a couple of things to have in mind.
Even though you can really benefit from implementing PLM solutions, there are still things to consider here.
For starters, I have to repeat that the funding process can drain your wallet. If you are not financially prepared for the development and introduction phases, you will suffer huge setbacks and delays in production and marketing.
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Initial funding is the most crucial aspect of every
PLM project. You need to be well prepared for this phase, to avoid delays and setbacks. |
Furthermore, PLM also requires good software and project management tools to track every process. And, you will need skilled people to run the entire project. The organization has to be at the top level. So, if you don't think you are capable of handling a project this large, it is better to stay out of it. However, have in mind that, in the end, it can pay off if you can get through it.
Conclusion
Hopefully, you now understand the essentials of the product lifecycle management for small businesses. If there is one thing to learn from all of this, it is that a good PLM project can really put you on the map, but it requires good organization, a lot of planning, and a lot of funding. With everything that's been said so far, I would suggest that you put your idea on paper, and carefully wager everything before deciding. Good luck!
Updated on 5. December 2019
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Originally published in May 2005 - 14th year
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