How to stop your business ideas from railroading you
I live and work with a man who has an idea a minute. Our business journey has been very interesting as he wrestles with the variety of ideas that come to him which all have some level of viability. It's challenging as in order to grow a business you have to put a stake in the ground around what you offer and then go hell for leather at making that offering a success.
Ideas are great! I love them and I love brainstorming (Thought Showers I believe is the new term) but, when they are getting in the way of getting achieving what you are capable of you have to put something in place to stop them railroading you.
So, save yourself.
A few years back, I created this process to help my husband. I hope that it works for you.
Process to deal with New Ideas
Every time that you get a new idea please follow this process before you take any action on it.
- Does the idea fall in line with the rest of your business offering?
- What resources does the idea need to work? Time, money, manpower etc?
- Do you have the resources readily available to proceed with the idea, at this moment in time?
- Is this a new product or service or is it something that you can schedule for later? If so, when and where does this fit into the overall business and timescale plan?
- Is this a red herring or is this a sure money-maker?
- How quickly can you get your return on investment?
- Have you established enough credibility and market share in your current offering to consider taking on something else that requires building?
Answer the questions honestly and they should steer you in the right direction.
Remember it takes time to build a business.