The IdeaTrap

Too many ‘bright ideas’ will waste your money

Have you ever had a bright idea that got widespread support from your business partners, colleagues, associates, employers and at first things moved really fast but after a while the idea was forgotten about? Has this happened more than once for you in your business? What might have happened if just one of these good ideas were fully implemented?

Generally, entrepreneurs like you and me love to come up with and reward good ideas. You know? Like; ideas for making money, ideas for marketing your products and services differently, ideas for new products and services, ideas for something new to do with your logo?

While lots of ideas are great and should be captured and considered they can become a danger when there are more ideas being put into action than there are being finished and put to good use.

Putting ideas into action without first finishing the ones in progress and / or investigating the value of the new idea is waste:

• Wasted time and money in generating the idea
• Wasted time and money in refining the idea
• Wasted time and money in half implementing the idea
• Wasted use of an insight that could have a made a positive impact

In order to avoid this waste it’s important to stop starting and start stopping

Evaluate a “bright idea” based on its potential to make money or save money for your business, not the seniority or enthusiasm of the person/people with the idea (that means you too).

If an idea isn’t going to add value by making things easier, cheaper or more profitable for your business then shelve it or better still bin it.

Reward innovative thought by keeping a tally of good ideas generated. If you have staff of associate companies then make this public every 6-12 months to show recognition and appreciation. You don’t want to stop a flow of ideas from your people if you’re fortunate enough to have it. Even if it’s just you, keep a record, then every now and then you can pat yourself on the back for being so full of bright ideas.

The best way to reward the really good ideas is by implementing them fully, measuring the success and making sure the people responsible are given the credit.

If an idea has merit, then first ensure you have the resources to see it through before taking action. If you don’t have the resources now then remember to keep track of ideas to review when you do.

When you are sure the idea has a good chance of commercial success make a timeline and plan for putting it into action. It’s also a good idea to make sure you know the indicators of its successful implementation – so you know when to stop.

Put the wise words of Elvis Presley”A little less conversation a little more action!” into your marketing mantra.

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