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How To Manage Your Product And Engineering Teams In An Economic Downturn

It’s no secret that Q2 of 2022 was ALLLLL about the impending recession and how terrible it will be for every type of company. Leaders in all areas of business have been forced to make tough decisions and bullet-proof plans to navigate the economic downturn. 

What should Product Leaders focus on in the case of an economic downturn?

Adding monetary value.

Whether it be in the products they build, or saving money in the cost to serve/build those products. For the sake of this writing, I’m going to focus on option number 2.

While interviewing a future customer earlier this week, she said that their product delivery has “screwed up numerous times” over the last few months. She went on to say that they have lost trust with the rest of the organization as well as their customers. In turn, she says, it has skyrocketed their cost to serve and has hurt sales and customer churn as product was not being delivered on time.

As a high-level manager at an enterprise company, she has felt the pain of increased cost to serve instead of lowering those costs to overcome the economic turmoil.

We have been teaching our customers ways that they can save money for the company — no matter the title or seniority within the product/engineering teams. 

  1. Use data to understand what is possible — taking into account all variables and dependencies.
  2. Prioritize the projects with the highest ROI or lowest cost associated.
  3. Plan your execution and product delivery roadmap using the information from steps 1 and 2.
  4. Communicate with executives, sales, customer success, etc. to set clear expectations.
  5. Adjust scope and resources as needed during the project to ensure execution.
  6. Clearly show and communicate results with proper stakeholders. 

At Cardagraph, we’ve seen that by doing these steps, Product Teams can quickly become invaluable to the entire organization. This happens because they’re able to use the resources they have efficiently while delivering high-value products on a well-documented timeline.

Let us help you be the hero of your organization.

Until next time,

Spencer

About Cardagraph

Plan, predict, and execute on product delivery. Cardagraph adds predictability to your product delivery timelines by understanding what has happened in the past to accurately plan out the future and the variables that come with it. 

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