I think that everybody can agree that there is a completely different culture in the tech capital of the world. They make every business in any field smarter and more competitive. Because of this, I think that the rest of us can learn from them.
- MVP
This stands for “minimum viable product.” The idea is that instead of starting with a complicated new product or idea, figure out what the minimum is that you can create that will generate sales. This is the strategy to get something to market quickly, start gaining revenue and get feedback from real users.
2. Failing Fast
If you’re going to fail, you want to fail fast so you can move onto the next thing. With the MVP model, tech startups can see which products and features work, which don’t and change quickly and inexpensively. They don’t waste time and money perfecting something that people don’t even want.
3. Iterating
Adding new features, removing ones that don’t work make Product 2.0 and more. This goes from everything from apps to smart phones in the tech world, but it can really be applied to any business sector as well. Don’t stop at the first version just because it works, keep improving on any idea to make the absolute best product possible.
4. Standing Meetings
Tech companies shake up the traditional trappings of the corporate world like long, sit-down meetings. Try instituting stand-up meetings to keep things brief, relevant, creative and flowing. Think about the time and money that you will save if your meetings are more efficient and effective.
5. Agile
This project management methodology focuses on empowering team members to make decisions and break projects down into manageable chunks. The major emphasis is on communication and coordination rather than planning and control. Usually, a team will meet every two weeks to discuss progress on the project, changes and what the nest steps are to move forward. Every team member knows what their task is, but has the power to make decisions. I think that this top-down approach will help empower employees to have more control over their own work.
6. Culture
Google is famous for the perks it offers its employees. They choose to do it because they know that they demand a lot from their employees and value their productivity. I think that more businesses should treat employees as valuable assets like this.
What do you think, has your business implemented any of these practices?
Advisor Abbate 