When is a great idea not really a great idea?
Often, a business owner may believe they have a great idea. Unfortunately, this idea often leads to nowhere or disappointment.
A great idea is not truly great unless it can be successfully implemented and produces the desired outcomes.
Here are some practical tips:
– First, have a clear understanding of why it is a great idea. Does it fulfill a current gap in services or products? Is it part of a well-thought-out growth, future-proofing, or exit strategy? Is it an innovative idea or a clear path to improving your business? Consider these factors and more.
– Set realistic goals and conduct a feasibility study to evaluate potential demand, improvement, and resource requirements. This should also include an assessment of potential financial outcomes and investment needs.
– Ensure you have the necessary project management and change management skills and resources to effectively implement the required actions. This might involve outsourcing certain tasks.
– Regularly monitor the progress of the implementation and promptly take corrective actions as needed.”
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Eric Tjoeng – CEO, Business Growth and Exit Specialists
The 10 Australian Business Strategists & Experts to Watch in 2021, Growth, Future Proofing and Exit
