If you’re running a business and or making strategic decisions for it, one of the worst problems to experience are too many business ideas. Frankly, they can paralyze your business by clouding your vision and rendering you with an inability to make the right decision.
Based on most small businesses we’ve worked with over the years, the quantity of business ideas that are always being thought up and considered is legion! Entrepreneurs by their nature enjoy coming up with new things to do and innovate, so it’s especially important to know how to balance ideation with implementation. Here are several quick rules of thumb we suggest:
- Determine your core business and judge every idea based on whether it strengthens or changes it. Too many business directions is not a good thing so take care to have just one strong direction in operation throughout your organization.
- When you have a “Big Idea” immediately write it down and share it with several trusted people you regularly work with. This is not to say if they don’t immediately agree with the idea it is defective, but it should give you pause if you can’t sell it to the people closest to you.
- Consider whether the Pareto Principle (80/20 Rule) that says 20% of our efforts will bring 80% of our results will occur. Using this rule can guide you to select the best possible ideas from all the rest and help jumpstart your business growth.
And of course, implementing your idea once it is developed is the all-essential step every company needs to practice, regardless of its size. As the saying goes, a strategy without an implementation is nothing more than an idea. And that’s usually not enough to accomplish your objectives.