More ideas are trashed before they break into the market everyday… Continuation of How to make your ideas work. Part 1
Thus the reason why ideas are trashed sooner than they should be, is sometimes as a result of FRUSTRATION on the part of the idea generators or initiators. Frustration also sets in when you as the idea initiator has tried everything you consider possible (E.g. Getting a team, getting a work space, doing Ads and marketing etc.) and still there seems not to be results.
You are in business to sell. Therefore, the best thing you can do for yourself is to get things right from the start of your business. Many business owners today have succeeded by fluke. They cannot replicate their success in any other thing they are doing. This would therefore mean that they cannot teach you how to succeed.
A strategic and intentional success is such that is demanded. This will enable you duplicate your success in different location and product line when expansion sets in. How you develop intentional success is to be intentional about the process.
So, let’s get to work… How I recommend ideas be treated:
- Strategy Development
Many businesses have failed due to lack of proper planning. You don’t expect to have an intentional result from an unplanned process. Only planned processes yield such results that can be in replacement.
Thus not to over emphasis the need for planning, let’s take a dive into how we can plan and plan properly:
The process of planning your business after validating your idea, starts from a functional stage of situation and factor analysis. Back in school we were taught about SWOT and PESTLE analysis but I didn’t see it then to be practically useful. But now, taking on business development, I can authoritatively say that, these are one of the most vital tools for every idea owner.
Businesses have been kicked out of market because of some things that are considered to be their weaknesses, threats or political, economic and legal issues. A proper understanding of this would be relevant to planning every phase of your business.
Space would fail me to go into details of SWOT analysis but I also think the above image is quit explanatory. Maybe I will do a write up specifically on SWOT analysis someday.
PESTLE analysis describes the effect of political laws, economic situations, social-cultural believes, technological innovations, environmental effect, legal issues on your business.
A proper analysis of the above factors is rightly relevant to the planning process of idea execution.
Planning, after doing the necessary analysis requires certain things as would be discussed below:
- Vision: The driving force of any business is the vision. However, people would only relate with your ideas when they can validate your vision and most of all see through the vision. Your vision will drive you through every other part of your business. it will aid your decision-making processes etc. Develop a good, big but brief vision.
- Mission: This is simply how you want to achieve that big vision of yours. If your mission does not tell people how you intend achieving your vision, then you might consider changing it.
- Core Values: So, what are the principles will you want to build your business around? How do you want your staff attitude to bein line? Package it all in core values. Note: Make it as simple and short as possible (3 to 5 is good).
- Value Proposition: What are you bringing to the table? What is that unique thing that you will do that others are not doing? The beauty of defining your value preposition is that it forms your competitive advantage.
- Brand Promise: What would you promise your customers, employees and investors? Think about this…
Don’t be a party to neglected ideas. Get to work, plan your ideas and GET THEM RUNNING!
In the next part, I will deal with Strategy development and Execution.
Use the comment space to ask your questions, make your contributions. I will definitely reply.
Cheers to our success!