The Growth of Software Products & CTO Challenges That Come with Them

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A CTO’s main responsibility is handling any technological needs as well as being in charge of the Research and Development of an organization. Often, a CTO will have a list of other extra demanding challenges, such as efficiently managing the scaling up of software products.

In this article, we will be covering common concerns about possible threats and how to correctly approach them, including situations such as technical debt, premature scaling, budget constraints, and software prioritization.

Premature Scaling – Make sure you’re ready first!

Research shows that 70% of start-up bankruptcy is caused by businesses scaling up too early; small businesses are investing the money into scaling a product when they are not ready for it. This happens because companies do not know when the right time to scale up is.

Starting this process too early can quickly deplete any profits you have made or even carry over into funds that have been allocated for other things, as you simply do not have the resources to cover the increase. This can affect the quality of your product, and as a result, any loyal clients you have will quickly start to notice and take their business elsewhere.

First, refine your product, then get to know the product features your clients are expecting so you can have a modest portfolio of clients who trust you and are happy with what you provide them.

Technical Debt

Technical debt is when you focus on getting a subpar product out quickly over making a quality product that takes time. This will often result in that product having to be sent back to be fixed and costing more time and money in the long run. While you can hide the flaws of your product as best as you can, they will always be discovered and, therefore, should be dealt with sooner rather than later.

Incorporating modern solutions, having a failure-free operation, and following good ethical procedures will have customers appreciating your products very quickly.

To avoid or deal with technical debt, you need to have a competent team surrounding you who can deal with any of these challenges that arise.

Software Prioritization

Have you ever looked at your backlog and started getting overwhelmed by the endless amount of tasks that there are to complete? This can be a major challenge for CTOs who are in the process of scaling a product. If you only have a handful of developers to work with, it may be a good idea to consider a team extension that can help your workload, increasing your development.

If you start to overburden yourself, it will decrease your workflow, and mistakes will start to arise.

Budget Constraints

Staying within a budget is a difficult task on its own but even more challenging when you are scaling up a product. While scaling comes with large investments, it’s always a good idea to make sure you set a budget and stick to it. This is to ensure that you are not spending more money than what you currently have. The best way to budget is to do thorough research on where you should be allocating your funds first and account for less important expenses afterward.

When budgeting, one thing to remember is to leave room for any unforeseen issues; you don’t want something to go wrong only to find out you do not have the money to fix the issue.

In conclusion, scaling a product can be a risky maneuver if you are not prepared to face the challenges; however, it can be beneficial to your business if done properly. Make sure you have a competent team surrounding you, you’ve done your research and budgeted accordingly, and soon you will be accelerating your growth.