Tue, 1 November 2022
How to Reduce Costs in Product Development
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Product development often runs over budget.
Here are some steps to reduce costs:
Start with good planning and define the goals clearly.
Many projects launch with unreasonable expectations.
Track the progress using metrics to know how you are doing.
Make sure the team is up to the tasks at hand.
Identify the skills needed for the project and match them to the team you are proposing to hire.
Build communication into the process using collaboration tools.
Setup communication channels including regular status reports, code reviews, and documentation deadlines.
Define communication as a part of everyone’s job.
Test the software as you develop it.
Some groups run daily builds from the get-go.
Start with the core features and work out from there to the ancillary ones.
Focus on the minimum viable product for the first version.
Simple processes can help you bring your product to market on time and under budget.
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