As a small or medium-sized enterprise (SME) there is a need to continually develop your product and service. Neglecting to do this will not just bring your business to a halt, but will take you backwards and towards closure.
How can you prevent this? Look at your current product or service. How long has it been in it’s current state? Has it sold better in the past or can it be improved upon? How can we add value and increase the price?
Performing continual development and improvement on your product will maintain your position as a market leader or get you there. Look at tech giant Apple. They signed an agreement in UK not to venture into the music business as they were just a computer manufacturer. Now they are deeply embedded in the music industry and have completely revolutionised it! This is a status that almost every company desires.