Tough love | Breakthrough Funding

Wednesday, February 14, 2018

Tough love

It’s very easy to fall in your love with your product, but is it destiny or is your romance doomed to fail?

When it comes to the classic time-honoured business rules, there are some that have undoubtedly proved their worth - and as a result have stuck around for the long haul.

Tried and True

For example, ‘the customer is always right’ might sound like an overworn old cliché but there’s a good reason why it has persisted. We all know that if you can’t get customers behind your business, keeping that business running can be a futile effort. Failing to meet client expectations – particularly in this era of immediate and public feedback via social media – is considered a deadly sin in the business world and could quickly deplete your customer base.

However, some ‘golden rules’ can lead businesses to heartbreak rather than heaven. In recent years it has been common to hear business advisors and motivational speakers urging would-be entrepreneurs to “do what you love” and “follow your passions”, promising that this is the key to your Happy Ever After.

After all, if you follow your feelings and create a product or service that makes your heart sing, you can’t fail, right?

Don’t Set Yourself Up for Heartbreak

Wrong. Love might be in the air this week as Valentine’s Day works its magic on couples and secret admirers everywhere, but choosing the wrong object of commercial affection could see you, your money and your ambitions going through a very messy divorce.

When asked about her favourite tips for business success, our CEO Sue Nelson always mentions her number one rule: Don’t fall in love with your product. The reason being that you can absolutely adore your creation and other people can say they love it, but if they’re not prepared to actually take out their money and pay for it? It’s time to say “thanks for the memories” and move on.

There’s Only a 42% Chance of Divorce

However, if you’ve got good reason to believe your product or service is destined for greatness, tenacity and determination are essential to drive it to market. Sometimes you ‘just know’ and if you’re sure this business is The One, we’ll hold your bouquet and weep tears of joy as you tie the knot. Oh, and we’ll also help you to claim R&D tax credits for your innovation – how’s that for a wedding present? Definitely not the usual wedding gift registry item, but tons more useful to you and your company.

If you’ve got an innovation that is going to make the world swoon, get in touch with us or call us on 0800 772 0800 and see if we can help you reach that happy ending.

There's more you should know