How a good product development process can save you time, productivity and money
Over the past 10 years, nearly all of our clients have been entrepreneurs – people who spotted needs in the marketplace and built companies to meet those needs. So, by nature, we all – myself included – constantly think of new ways to sell more stuff – products or services. Based on experience, my guess would be those in the restaurant industry that run their own stores or have the flexibility to be creative must be masterful at this due to the need to come up with some new menu items that will sell nearly every day.
If you think about it, restaurateurs have to be good at this or they subject themselves to losing a lot of money, quickly. When they commit to a special, they are immediately investing ingredients and time into the development of the menu item without necessarily being able to get the investment back. So while the cost of a plate might be 1/4 – 1/3rd of the price of the product (raw goods) the time associated with developing the item adds additional costs.