Strengthen your brand, focus on what is most profitable and shed inefficiencies. Five ways to turn business ideas into reality and make your business a better place for customers and staff.
5 Strategies That Can Turn New Business Ideas into Reality
No matter what type of business you own or how long your doors have been open, there is always something that can be improved. As new business ideas emerge it can be challenging to implement even the best of them when it means challenging the status quo and overcoming internal resistance to change.
1. Create a formal system for evaluating business ideas.
“It is by acts and not by ideas that people live.” Anatole France
Entrepreneurs and business owners usually don’t have a shortage of ideas. Without a formal system where ideas can be evaluated, plans of action can be developed, responsibilities can be assigned and measurements can be defined and tracked over time, most ideas – even the best of ideas – might never see the light of the work day.
2. Involve everyone.
“Ideas are like pizza dough; made to be tossed around.” Anna Quindlen
There’s a saying that goes, “too many cooks spoil the brew.” This might be true in the kitchen, but in organizations that want to grow and change, the more people that weigh in, contribute, buy-in and become personally invested in change initiatives, the better. When your staff feel listened to and ideas are refined to reflect their feedback and concerns, they are much more likely to buy in and get behind transformative business ideas.
3. Embrace real change.
“The difficultly lies not so much in developing new ideas as in escaping from old ones.” John Maynard Keynes
It’s human nature to resist change and fall back on what is familiar, especially if new behaviors don’t bring instant gratification. Remember you will not be able to achieve new goals with old ways of thinking and old ways of doing. The pace of change in today’s competitive marketplace alone dictates that you need change ambassadors in your organization if you want to grow. Empower and rely on people on your staff who aren’t afraid to take on big challenges and learn new things!
“Eventually everything connects – people, ideas, objects. The quality of connections is the key to quality.” Charles Eames
If you want to achieve big things, you can’t afford to have staff that don’t believe in the vision. Everyone in your organization, everyone, ultimately has the power to contribute toward or against your business goals. Make sure they are all on board.
5. Invest adequate resources.
“Money is a wonderful thing because it enables you… to invest in ideas that don’t have a short-term payback.” Steve Jobs
Your willingness to fund and allocate staff, time and other corporate resources to a given initiative is a direct reflection of your commitment to achieving the goal. No matter how sound or exciting your business ideas are, without allocation of adequate resources – including money – turning them into reality will be difficult.
Our business finance tools could be ideal options if your business lacks the working capital needed to execute ideas that will help your business grow in the New Year. A merchant cash advance can provide your organization with a lump sum of working capital that can be used for many different business purposes.
How to Make and Keep New Business Goals
An Outbound Engine survey found that less than half of small businesses have a plan for growth. But many business ideas need a marketing or operational plan in order to succeed. As you implement new ideas make sure they are tied to plans that include specific goals and measures. Psychologytoday.com offers up several tips for setting and sticking to goals, and we’ve adapted their list for business owners here:
- Don’t try to do too much at once, limit to one or two goals that are most important
- Set realistic goals with specific, measurable benchmarks and a finish line
- Don’t wait until New Year’s Day – make goal setting part of your organization’s process on an on-going, systematic basis
- Be accountable and assign goals and tactics to specific people with dates set for measures, reports, and contingency plans
- Be accountable to your accountability plan – where does the buck stop?
- Communicate and celebrate incremental successes
- Embrace change; you can’t achieve new goals with old thinking and the same tactics
- Each day ask the question: what can I do today to move toward the goal?
- Make sure that your company is “healthy;” fix what goes wrong internally so that employees can focus on reaching the goal
- Have some fun along the way!