The first thing they should have done is made sure they get a grip on where they sit in the market and what they really are. This si the first and main issue IMO apart from massive spending and wages.
Step1. IOT group huddle
Ok guys we are glorified resellers of any new tech product that we think will sell in mass quantity.
This alleviates any confusion. You are what you are, get on with it.
Step 2.
Have wages set at say $100k each p.a for the 3 heads, plus bonuses based on KPI's or better still, sales targets. (this keeps all motivated to find the niches and sell) and keeps shareholders happy, and costs relative to profit cycle.
Step 3.
Delegate a team of tech heads (the boiler room) (say 10 of the brightest tech beings) or run a competition to find the next best craze tech, find the 10 next best products, they can all be contracted on a 10 hour week session time only, weed out the good tech deals from the bad. These guys/girls find the tech, find the next best thing.
Step 4.
Management meet with those with the tech and establish agreements giving them ability to resell at good margin and mass sales, more weeding out at this point.
Step 5.
Finalised the 4 products, they don't have to be large price, they do have to be new to market, quick to scale, quick and cheap to produce and deliver.
Step 6.
Setup sales process
Step 7.
Sell
Step 8
Reward
Step 9
Pub time.
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