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New product and new service development is not reserved for large companies. Small businesses account for a major percentage of product and service innovation. As the business landscape and your local market changes, you'll need to adapt to those changes by developing new products, creating new service offerings to continue to serve the changing needs of your customers.
Refine Current Offerings
Take a moment and think about your business; not just the state of your business today but where you want your company to be in two to three years:
Then think about simple ways you can change how you currently do business:
Develop New Products and Services
Once you've tweaked your current offerings it's time to consider new products and services you can offer. Think about your customers and their needs:
New product and service development is not as difficult as it may at first seem. Simply listen to your customers. What do they ask for? What do they need? What are their complaints? In many cases your customers will tell you what they want, aside from lower prices, so take the time to listen and act on what you learn. Not only will you grow sales, but you will also build greater customer loyalty.
Securities and Insurance products are:
Not FDIC insured. May lose value. No bank guarantee. Not a deposit. Not insured by any federal or state government agency.