Outsourced Product Development Gaining Popularity Among Small Businesses |  |
- Outsourced Product Development Gaining Popularity Among Small Businesses
- Microsoft’s Cortana Set To Rival Siri and Google Now
- It All Begins With Your LinkedIn Profile
- Verizon Will Now Let You Roll Over Data Like You Once Rolled Over Minutes
- How to Use Events to Market Your Retail Store
- Who Has the Better Job: Software Developer or Architect?
| Outsourced Product Development Gaining Popularity Among Small Businesses Posted: 06 Mar 2014 02:30 PM PST
A great product idea alone is no guarantee of success for an entrepreneur. The time taken to develop a product and take it to market within reasonable costs is a key aspect. Steve Owens, a serial entrepreneur with more than 20 years of experience, was always frustrated by how long it took to put good product development teams together and bring a product to market. And each time, he had to incur fixed costs for setting up the infrastructure and developing the product. All this reduced the flexibility and risk-taking ability of his startups and got him thinking. Outsourced Product DevelopmentTo provide a solution to these problems for his fellow entrepreneurs, in 2002 Steve started a product development service company Finish Line Product Development Services. Finish Line develops technology products for small companies in the down hole tool and machine-to-machine (M2M)/Internet of Things (IoT) technology markets. Finish Line's pricing model is economical and well suited for small businesses running on low budgets and time constraints. It charges only for the hours they work on the project and provides written estimates for each phase of the project. Typically, their customers are able to break even on their investment in less than a year from product launch, and sometimes just a few months. Its overarching strategy is to develop products for small businesses where they have a very high degree of existing expertise and reference designs. This strategy allows them to develop the product for significantly less cost than its customers can in-house. Using proven processes and creative solutions, Finish Line converts product ideas into innovative and cost-effective products. It has technical expertise in low power, long life battery operated devices, RF communications, low cost wireless sensing and communications products, machine controllers, motion control, and power solutions. It caters to product development challenges in a wide range of industries including oil and gas, industrial and manufacturing, electronics and controllers, and healthcare and life sciences. In addition to these segments, it also offers specialized services in niche technology areas like low-cost RF communications, remote monitoring, industrial controls, and Internet connectivity. Since inception, Finish Line has worked on more than a thousand projects for more than 200 small companies. It has also incubated two startups, WellTronics and EnerTrac. WellTronics, which provides cost effective technology solutions like FloDrift to the oil and gas drilling industry, was sold to National Oilwell Varco. EnerTrac, a provider of propane tank delivery automation systems and leader in the rapidly growing M2M market, with annual revenue of more than $2 million has raised more than $8 million from three venture capitalists. As its clients have grown, so has Finish Line. Revenues are now a little more than one million dollars a year. Steve says Finish Line does not have a clear direct competitor in its niche. Though there are several other product development companies, unlike Finish Line, they are restricted to narrower technologies and platforms. The main challenge or competition it faces is from potential client companies hiring their own engineers. Outsourcing product development (OPD) is proving to be a sensible strategy for staying ahead of competition and ensuring timely product releases. Other factors driving its adoption are the lack of talent at a single location, lower costs for better quality, and higher business flexibility. According to a recent Gartner report, the global IT outsourcing market is expected to increase 2.8% over the year to reach $288 billion in 2013. For the R&D/product engineering services market, a recent IDC report forecasts that customers will increase their outsourcing spend in 2014 for these services and the market will reach approximately $66.2 billion in 2017. Further, IDC forecasts fairly robust growth in the long term as technology product customers continue to move away from a labor arbitrage approach and award long term outsourcing contracts for their product development, engineering and innovation work to outsourcing vendors. Overall, the OPD trend is gaining speed in the small business sector. For a long time, we've seen the trend develop very well in the software industry with companies like Persistent, Symphony, Globant, etc. Now, the trend is crossing over to a broader realm of hardware, manufacturing, etc. More specifically, into the domain of small, innovative companies. Product Development Photo via Shutterstock The post Outsourced Product Development Gaining Popularity Among Small Businesses appeared first on Small Business Trends. |
| Microsoft’s Cortana Set To Rival Siri and Google Now Posted: 06 Mar 2014 12:30 PM PST
Microsoft is set to introduce its own personal digital assistant very soon. ”Her” name is Cortana. According to several reports, this service will be added to the Windows Phone 8.1 update in the next month or two. If its launch is successful, Cortana could become a competitor to Apple’s Siri and even Google Now in the realm of digital assistants. These are services that can answer random questions, maintain your personal and work schedules, and even send you reminders of upcoming meetings or other deadlines. Microsoft may not be completely sold on the name Cortana, though, according to The Verge. It could change by the time the update is released. Cortana, by the way, is the name of a female character [pictured below] in the video game Halo 5, another Microsoft product.
Microsoft’s new digital assistant will not appear as a female, as she does in the popular game. Instead, an animated circle appears when you request Cortana’s assistance. The circle spins while Cortana is listening to your questions and animates when it’s replying. Microsoft also claims it will develop a personality as its services are used more. IGN details how Cortana will work. The features are essentially similar to Siri and Google Now. Cortana will use Web searches through Bing to provide answers to your questions. It will be able to be set up to address you as you’d like and it will also be able to be customized to scan emails for contacts and other scheduling information. That data will be stored in a Notebook that can be accessed later by you or Cortana. Media reports suggest a recent investment in Foursquare by Microsoft indicates that Cortana may use a lot of location-based data to provide more pertinent information to you when you ask a question. Another feature will be a personal notification system, IGN reports. Here’s a leaked video supposedly showing Cortana being set up on Windows Phone 8.1: Small business owners may be unimpressed with the geek factor connected to Microsoft naming a virtual assistant after a video game character. But Cortana could offer many features to rival Siri or Google Now for the dedicated Microsoft user. Image: Video Still/Wikipedia The post Microsoft’s Cortana Set To Rival Siri and Google Now appeared first on Small Business Trends. |
| It All Begins With Your LinkedIn Profile Posted: 06 Mar 2014 10:00 AM PST
LinkedIn is the best place for business professionals to post information about themselves, regardless of your discipline. As a business professional, regardless of what your function is, you need to be findable to those in your field. And to be findable among 300 million other professionals will take some hard work – but it is doable. A good to great profile can make the difference between you getting your next client, consulting agreement or that elusive speaking gig. This is the place where you need to define and discuss the value you bring to your profession without hyperbole. To become more findable by those who need your expertise, you need to address the top elements of your LinkedIn profile, in order of importance. Top 5 Elements of Your LinkedIn ProfilePhotoThis is the first thing people gravitate to as we are all visual beings. A professional looking photo of you smiling is usually best. Nobody needs to see your boat, your dog or your family – just you. HeadlineThis is the tag line under your name and it is valuable real estate. The default mode is your current title. A good tag line gets people to read your LinkedIn profile, just like a good email subject line gets people to read your email. NameThis is your name. We have all seen people with email addresses, professional designations and more in the name field. Use your name – just your name. Anything else is clutter. Summary/SpecialtiesView this as your first conversation with your LinkedIn profile visitor. Make it an interesting conversation and talk about what you bring to the market. The specialties (2nd part of the summary) is where you enumerate each of your skills. Use the jargon of your particular industry, that’s what people search on. There were 5.7 billion searches done on LinkedIn in 2012. ExperienceThis is where you highlight your talent and expertise. Tell people what you do, what you’ve done, and what your small business does – make it interesting. There are several other facets to your LinkedIn profile, but these are the biggies. Do these right and you will start attracting attention from the people you want attention from. Your LinkedIn profile is always a work in progress. Check out OPP (other people’s profiles) and get some ideas on how to improve yours. Remember, a good to great profile can make the difference between you and your next client, consulting agreement or that elusive speaking gig. A bad profile is the difference between your next piece of work – and staying at home, watching daytime TV. LinkedIn Photo via Shutterstock The post It All Begins With Your LinkedIn Profile appeared first on Small Business Trends. |
| Verizon Will Now Let You Roll Over Data Like You Once Rolled Over Minutes Posted: 06 Mar 2014 07:30 AM PST
Verizon Wireless has restructured its pre-paid phone and data pricing in plans called Allset Plans. It introduced these plans this week. A pre-paid phone and data plan may not be the most ideal for all small businesses. Those looking to have more control over these costs, though, may find them a sensible option. In an official announcement posted in the Verizon Wireless News Center, Albert Aydin, Verizon Wireless analyst for corporate communications, explains:
The most basic Allset Plan starts at $35. The base price for a smartphone Allset Plan is $45. This plan includes unlimited calling within the U.S. and unlimited texting to Canada, Mexico and Puerto Rico. With the base plan for smartphones, Verizon is including 500 MB of data. If you use up all that data in the month, you can buy more data in units called “bridges.” Another 500 MB “bridge” costs $5. It has a 30-day expiration on it. So, if you start an Allset Plan on the first day of the month but need a small bridge by the 20th, for example, you’ll have until the 20th day of the following month to use it. That’s after you’ve used the original data included with the plan. Bigger “bridges” last for 90 days, meaning you can actually roll over that data allotment past several billing cycles. A 1GB “bridge” costs $10 and 3GB of data costs $20. But then that data will last you three months and can be added to the 500MB you get monthly with your basic plan. So if you buy data and don’t use it that month, you’re not wasting that money you’ve spent. You can manage an Allset Plan account from an online dashboard, where you can add more data and renew your monthly plan, the company’s site notes. Gigaom’s Kevin Fitchard reminds customers that Verizon restricts Allset Plan pre-paid users to the 3G network, even if your phone is 4G-enabled. And Verizon’s plan, including the data, isn’t on par with what some pre-paid competitors offer. However, the company has the most wide-ranging network so access to 3G is available to you in more locations. While pre-paid plans usually limit you to some subpar smartphone options, Verizon will let you activate most devices you already own. You can also buy a new phone to accommodate these pre-paid plans, including an iPhone4 and Motorola Moto G, each at $99, according to the company site. Verizon Photo via Shutterstock The post Verizon Will Now Let You Roll Over Data Like You Once Rolled Over Minutes appeared first on Small Business Trends. |
| How to Use Events to Market Your Retail Store Posted: 06 Mar 2014 05:00 AM PST
Are you looking for a cost-effective and fun way to raise your retail store's profile in the local community? Then consider hosting events to market your business. Even if your location is snow-bound right now, this is the perfect time to start planning some Spring events to attract shoppers who will be eager to get outdoors once the weather turns pleasant. There are all kinds of options for hosting events, from having local musicians play in the shop, to hosting an art opening, to having a VIP only sale for your best customers after hours. Below are some steps to get your event rolling. How to Use Events to Market Your BusinessFigure Out Your Goals for Your EventDo you want to reward existing customers or attract new ones? A VIP only sale could work for the first option, while an event that attracts passersby (like live music or a cooking demonstration) could work for the second. Determine Your BudgetConsider factors like extra employees to handle the register, the cost of staying open later, refreshments and decorations. Also, figure out if your event will be a reoccuring one or a single occasion event. Find ParticipantsDo you need outside participation to make the event work? For instance, if you own a boutique and want to host an art show, you could reach out to local artists to let them know your store is going to start featuring original art work. Offer them the chance to sell their art in exchange for a small commission and having them bring in their fans and friends to the event. Similarly, plenty of local musicians are probably willing to play for free or a nominal fee, and this can expose your store to a whole new clientele. Think creatively and you'll be able to recruit participants for little or no cost. Create a Marketing Plan for Your EventThis could include store signage, email marketing, social media outreach and, of course, PR with local media outlets. Be sure to start marketing well in advance so you have plenty of time to spread the word. Plan the Logistics of Your EventConsider factors such as:
Gather Customer InformationThis is a key part of every event. After all, you want a way to stay in touch with people who came in to your store:
Follow UpOnce you've gathered contact information from customers, be sure that you follow up with them within the next two weeks while the event is still fresh in their minds. Get them back into your store by providing a special offer or discount that's good for a limited time. By hosting events on a regular basis, you can make your store more than just a store – it can become a gathering place for the local community, strengthening your ties with your customers and differentiating you from your big competitors. Event Photo via Shutterstock The post How to Use Events to Market Your Retail Store appeared first on Small Business Trends. |
| Who Has the Better Job: Software Developer or Architect? Posted: 06 Mar 2014 02:30 AM PST
If you answered architect, you’d be flat wrong! According to U.S. News and World Report’s list of 100 Best Jobs in 2014, software developer is the top job in America right now. Software developers are in great demand and make handsome salaries. The Bureau of Labor Statistics suggests that 140,000 new software developer jobs will be created by 2020. Other jobs high on the list include computer systems analyst, dentist and physical therapist. Small business owners shouldn’t be too surprised by the ranking. Many of the jobs on the list can easily be filled by a small business person. These can either be self-employed people, or those working with a small support staff. As for the position of architect, well, it sounds like an exciting career indeed. But, it’s way down the list at number 92, just above customer service rep and plumber. The field has suffered somewhat in overall earnings and demand since the building slump during the recession. The field is also highly stressful, U.S. News and World Report judges. It’s not just demand and high salaries that caused some positions to be placed high on the list and others down near the bottom. And it may not be demand and earning potential alone that attracts small businesses to these fields. There are also factors like work-life balance and job security to consider. For software developers, unemployment rates are at just 2.8 percent nationally, U.S. News and World Report explains. Getting started in the field only requires some basic computer programming knowledge. This can be gained at local community colleges or even through job experience. Here are the top 25 jobs, according to the rankings: 1. Software developer Jobs Photo via Shutterstock The post Who Has the Better Job: Software Developer or Architect? appeared first on Small Business Trends. |
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