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How small businesses can turn constraints into advantages

Small businesses have often had to work with limited resources, but new strategies and technologies are empowering owners to do more with less. No matter how early you are in your growth journey, here are some ways you can turn constraints into advantages.

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Published by Singtel myBusiness
on 25 Nov 2016

How small businesses can turn constraints into advantages

Build on a budget

Product creation used to require vast development budgets. Today, the Lean Startup approach to a minimum viable product (MVP) has turned budget constraints into an advantage, because the process validates demand and therefore reduces the risk of failed products.

Consider how Modify Watches founder Aaron Schwartz used Lean principles to produce his first line of watches on a budget, by re-branding products purchased online. "It was truly a minimum viable product. It was viable, it let customers know, hey, we're a watch that's interchangeable, but it was minimum," said Schwartz. The key idea is not to make perfect products initially, but "get feedback". 

Go DIY for design

Companies previously had to engage designers to build prototypes. Now online design tools are just a click away, giving you the advantage of keeping control in-house. Many applications are free or offer 'freemium' versions, or trials.

You can design objects using 3D-modelling program FreeCAD and access a range of drawing applications with SketchUp, which supports everything from engineering to game design. If you're into web and mobile design, you can use InVision to share interactive mock-ups and collaborate on prototypes.

When it comes time to sell your products, there are content management systems like Web Builder and e-commerce solutions like Shopify, both brought to you by Singtel myBusiness. These let you create your own website and set up an online store quickly, with minimal technical knowledge required.

See more at: https://mybusiness.singtel.com/techblog/how-small-businesses-can-turn-constraints-advantages#sthash.bAZH26DP.dpuf

Last Modified Date: 23 Apr 2018