Entrepreneurs are known for seeing opportunities and generating business ideas. They’re not all GREAT ideas, but without walking through the steps to evaluate the idea, you’ll just never know. Here’s a simple process to help you identify which ideas will yield the greatest results. Great ideas are evaluated in terms of business impact: Do they create increase profitability or help you achieve your vision?
Generate as many raw ideas as possible – brainstorm!
Plot the ideas using a matrix or tool such as the one below:
Determine “where you want to be” on the map and eliminate ideas that are not aligned with your priorities. Keep them for another time.
Take only 6 of the “yes” ideas and use your intuition to evaluate them – they need to be specific, action-oriented and solution focused. These are your “Good” ideas. Remember that the priority is for business results.
Further filter your 6 good ideas, selecting only 3 that are your “better” ideas.
Now, select the 1 best idea to develop further. What arguments can you make in favour of the idea (positives)? What objections might you face when presenting your idea – to employees, partners, creditors, etc. (objections)? Are there any new insights? Ideas? Questions? How could the idea be improved or enhanced? How could you deal with some of the objections? Feel free to switch out your “best” idea as you work through this step. As you put some thought into the idea, you might change your mind about the 1 best idea!
Now you’re ready for strategic implementation – creating the project plan and planning for change.
At Bexco Business & Executive Coaching, our coaches are experts in strategic planning, bringing tools and templates to help you choose the most impactful innovation for your business. Once you’ve decided, we’ll help you manage the change so your business realizes the intended benefits and results. Contact us today for your complimentary consultation.