"The Power of Continuous Improvement: From Post-PMF to Mastering Growth"

"The Power of Continuous Improvement: From Post-PMF to Mastering Growth"

Consider Post-PMF before PMF. A Brand is a promise. The key factor is that the post-PMF strategy can’t be easily implemented once we start expanding the business. Most of the cases if the PMF is proven, sooner or later, competitors emerge and fight with each other. In this war, we need to build strong defensibility against others so that we can run the business more safely.

Evolution of technologies is very fast to be commoditized, especially in IT or software industries including AI, IoT, and Blockchain. If the competition happens, prices cannot be maintained. the “proprietary technology” is 10x performance improvement over the closest substitute. If the technology itself cannot stand out, it’s a good alternative to think about the 10x improvement in UX. It would be a great alternative if the companies can embed the technology to a deep level of a users’ lives, or business operations.

Continuous improvement is a dedication to making small changes and improvements every day, with the expectation that those small improvements will add up to something significant. The typical approach to self-improvement is to set a large goal, then try to take big leaps in order to accomplish the goal in as little time as possible. While this may sound good in theory, it often ends in burnout, frustration, and failure.

Improving by just 1 percent isn't notable (and sometimes it isn't even noticeable). But it can be just as meaningful, especially in the long run. If you get one percent better each day for one year, you'll end up thirty-seven times better by the time you’re done. We often waste the resources and ideas at our fingertips because they don’t seem new and exciting. In the real world, it is often easier to improve your performance by cutting the downside rather than capturing the upside. Subtraction is more practical than addition. In many cases, improvement is not about doing more things right, but about doing fewer things wrong.

We often measure our progress by looking forward. We set goals. We plan milestones for our progress. Basically, we try to predict the future to some degree. Measure backward, not forward. (note: This is a very important point of view. You can connect the dots by looking backward, not looking forward.) Measure backward and then get a little bit better. What did you do last week? How can you improve by just a little bit this week?

Incorporating continuous improvement into your business strategy can greatly contribute to building strong defensibility and achieving long-term success. By continuously making small changes and improvements, you can stay ahead of the competition and adapt to the rapidly evolving technological landscape.

Here are three actionable pieces of advice to help you master continuous improvement:

1. Embrace the Power of Proprietary Technology: In order to stand out in a competitive market, it's crucial to develop proprietary technology that offers a significant performance improvement over existing solutions. This will not only give you a unique selling point but also help you build a strong brand and defensibility against competitors.

2. Harness the Benefits of Network Effects: Building a network of users or customers can greatly enhance the value of your product or service. By creating a community around your brand, you can leverage network effects to drive growth and increase customer loyalty. This, in turn, will enable you to continuously improve your offerings based on valuable feedback and insights from your network.

3. Leverage Economies of Scale: As your business expands, take advantage of economies of scale to optimize costs and maximize efficiency. By increasing production or service capacity, you can reduce per-unit costs and invest in further improvements. This will not only improve your bottom line but also allow you to deliver better value to your customers.

In conclusion, continuous improvement is a mindset that can greatly contribute to the success of your business. By focusing on small, incremental changes and embracing the power of proprietary technology, network effects, and economies of scale, you can build a strong brand, achieve defensibility against competitors, and drive sustainable growth. So, consider the power of post-PMF before PMF and master the art of continuous improvement for long-term success.