By Steven M. Bragg,Edwin Burton
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Extra resources for Accounting and Finance for Your Small Business
Few things affect the failure or success of a product more than the match or mismatch of key personnel at critical steps in project implementation. Next, establish checkpoints by setting goals and objectives for milestones at successive stages in the process. Review your decisions regularly, before the next costly step is taken and when progress can be compared with established standards. You may choose to terminate a proposal at some point short of completion if it appears that the project is exceeding cost projections or failing to meet benefit expectations.
Customers trust a company that provides gas to know which are the best gas appliances. You may want to grow horizontally through product diversification or buying of competitors. You can expand the use of current technologies. ” How adaptable is the current technology to meet new product innovation or new processes? The opportunity here is to have growth-producing ideas with minimal risks. If you have learned to utilize your technologies efficiently, further endeavors with known technologies generally carry less risk than ventures into new and yet untried technologies.
These estimates come partially from sales staff members, who are responsible for estimates of sales levels for existing products within their current territories. Estimates for the sales of new products that have not yet been released and for existing products in new markets will 2 Adapted with permission from Steven M. Bragg, Ultimate Accountants’ Reference (Hoboken, NJ: John Wiley & Sons, 2005), pp. 340–348. qxd 11/28/05 1:37 PM Page 26 SECTION Preparing to Operate the Business I come from a combination of sales and marketing staff members, who will use their experience with related product sales to derive estimates.