I'm often asked what the secret is to creating a technology business that lasts. How can you reinvent a company to generate more value add? There is no single way to create value. But I can share with you some simple guiding principles that my company evangelizes when helping clients looking to grow.
Value Creation Principles:
1. Connect with your customer and make it easy for your customer to connect with you;
2. Structure a business model with a recurring revenue stream;
3. Make sure the technology under-pinning your product or service has a long lifecycle;
4. Launch products that have differentiated features and benefits;
5. Build for a market not just for one customer;
6. Manage each customer relationship from a P&L basis;
7. Make sure that your people manage at most 4 projects at the same time;
8. Connect with your employees for improvement & new product ideas;
9. Make sure your people are paid for performance and share in your profits;
10. Challenge your top performers and reinvent the bottom performers;
I know these will help you as you approach business challenges.
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