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We are a product company, where some amount of work goes on on the research front. On the other hand - product is deployed at various client places. And of course new classes of clients are continuously sought after.

However, the core team is essentially same. When a new problem or client comes up everyone has to drop all their futuristic ideas and go back to war level regime. Again, back to work. This remains on and off. And there is not much possibility to keep separate teams, because inherent (algorithmic) work really requires core expertise to solve issues.

What are some of the best mechanisms or techniques that allows you to keep up the rythm? What help i can take from system and processes or from the management to help situation better?

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    This question is very, very broad. As a matter of fact, it's the subject of an entire site: productivity.stackexchange.com. I think you will get more meaningful answers if you ask about very specific problem you are trying to solve in your day-to-day work. Creating a collection of "getting things done" techniques here might not be the best approach. – Robert Cartaino Apr 11 '12 at 14:21
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I think the solution here is knowing when and how to say No to clients. You must have a long term vision for the product and adapt client needs to that vision. Every client need must be somehow converted to a compatible product change. Radical client-specific changes will break your product.

So there is no 100% percent working solution. It's just you need to grow your skill to adapt your product in order to fulfill the long-term goals, while keeping the customers happy by working on short term goals.

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