Financially Simple

We entrepreneurs have an unbelievable propensity for optimism. When it comes to cutting ties with something familiar, we often face familiarity bias. So, when it's time to phase out a product or service, we tend to cling to it. Or because it's familiar to us, we never know the right time to innovate our product or service mix and lose out on opportunities to widen our margins. But, friends, the world of business is a world of change. The economy ebbs and flows, and consumer trends always evolve. And as things change, we business owners have to be adaptable and in constant creation mode. In this episode, I outline the factors that tell us it's time to let go of an offer in our business. I explain what the product life cycle is, the characteristics of its different stages, and the variables that impact its phases. I discuss some key considerations we must make before discontinuing a product or service. I also highlight how tracking the profitability of a product or service can help us evaluate if we should disc