Most frequently I encounter business owners who have run out of “ideas”. For a variety of reason their business has leveled off and in some cases is in a declining mode. My challenge is to find out what area (or areas) of the business is causing the problem and then work towards finding a solution. The problem is not always easy to identify. It could be anything from an office system issue, to marketing, to staff to???? In solving this problem we basically “undress” the firm to its bare essentials and examine each piece that was removed for potential flaws.
Occasionally I run into a different problem, it’s the business owner who has too many ideas. One client has, in the last two years, let ideas run his live. Ideas are an important part of growing a business, but they must be analyzed, prioritized and then selectively implemented. The client I am referring to has implemented seven ideas in the past two years, none of which have been fully implemented and none of which were related to each other. New ideas can create a false enthusiasm and create a sense of “being on the cutting edge”.
I encourage all my business owners to have an “idea “notebook. Every time a new idea comes to mind or is suggested by staff, it gets written in the notebook. In one of my weekly meetings, on a monthly basis, we review the new ideas. The notebook also serves the purpose of keeping all the “ideas” in a central location and can be looked at for future reference.
New ideas are examined using the following questions:
- Does the idea fit the current mission and vision statement?
- Will the new idea generate new profit or cut existing expenses?
- Will the new idea benefit our current target market?
- How much will it cost to implement the new idea?
- How much time will it take away from other business responsibilities?
- How much money will it make and over what period of time?
The answers to these questions will help determine if the new ideas merits further study.
Change is the only constant in our business lives but change for the sake of change alone may lead to failure, or at least a slowdown in the growth of the business.
To succeed in life in today’s world, you must have the will and tenacity to finish the job.
Nick J. Petra CFP that also includes increasing your education by joining www.onebizcentral.com today.