Jim choice is to fix the business. He has a number in his head 25% sales growth, that he believes will change the investor’s decision, but he hasn’t explained his thinking to anyone at the moment.
Jim reviewed his thoughts with the team. “We’ve made great progress, but we’re not profitable, and we’ve not grown sales enough to attract investors. Today let’s brainstorm about how to increase sales 25% in the next few months.”
Adam suggested a price drop on the current product and a new pricier version with more features. Sharon suggested an influencer campaign on Instagram and Tiktok.
Jim gave his feedback, “Developing a new product, even one with minor feature changes is interesting but expensive. A price drop might get new sales but will increase losses. Will it sell? My feeling is that the Influencer idea is a good one. Especially if it produces measurable results.”
After the meeting, he felt positive about Adam and Sharon’s ideas. His manufacturer told him it would not be expensive to add a line extension or two. He could lower costs by buying more at a time. This would take more money in the short term out of pocket for inventory. The numbers would improve for the banker and the investor.
Now it was time to act and test the reactions from the marketplace.
Jim’s decision — Fix it Choice: Removed: Wait
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