Is this a bad time to launch a new product or service?

With so much cutting going on — jobs, prices, manufacturing — it feels like Edward Scissorhands has become the über-lord of the business world. Snip, snip, snip.
At some point, there is going to be nothing left to cut. We’ll all be bald.
Here’s a better idea. Instead of hacking away at your overhead costs, create something new. Add instead of subtract. Multiply.
Does this sound crazy? You’re frantically trying to cut your costs so you can live to do business another day. How can you even think about adding to your bottom line? The answer is, “because it makes sense.”
Think about it. Buyers are cautious. They are watching their expenditures, but they haven’t stopped buying. And they are spending their money on essentials and innovations. So, unless you’re selling essential products and services — like heat, gas, and food — you’d better be innovative. Put your brainpower to work on solutions you can sell. What does your market need? Additional services? A new accessory to maximize the efficiency of a strong-selling hardware item? A new software module that improves productivity?
The squeeze we’re facing from the down economy is actually creating opportunities for innovators. Step away from your spreadsheets for a moment and switch your mind solely to your buyer. What do they really need from you? Don’t answer in terms of what you can provide with your current situation or what you’d like to do. Just give yourself an honest answer to that question. What is it that your buyer needs? Then figure out how to use your resources to respond to that need. In the end, you will increase your sales and build loyalty
Innovation is not an expense. It’s a revenue generator. Can you afford not to add to your existing line? Do the math.

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