As small business owners, we can find ourselves in an internal battle with our ideas. Often wondering, will this be the next great idea that will propel my business forward? If you are like me and have more ideas than time to execute them, here are seven questions to ask yourself to help pick the best ones.
1 – Does this idea align with my purpose? Your purpose is the reason, outside of profit, that you are doing what you do. It’s the change you want to make for your customers, your community or the world. To get in touch with your purpose, check this out.
2- Does this idea bring me closer to my vision? You’ve got to know where you are going and what your want your business to be in five years from now. When you do, it makes evaluating ideas easier, if it doesn’t support your vision, it may be easier to let it go.
3- Does it align with the objectives you set out for the year? Hopefully you’ve planned your year out and know what you’d like to accomplish. If not, check out this video for some tips.
4 – Will this idea be beneficial for my ideal customer? It’s not about you! Everything we do with our marketing needs to be about our customers. You need to think about what is important to your ideal customer and if your idea doesn’t bring them value, scrap it. If you don’t know your ideal customer inside and out, let’s chat.
5 – Do I have the skills to execute it, and if I don’t have the skills, do I have the money to hire someone to help? This is extremely important because there are lots of great ideas but if you don’t know how to execute them or don’t have the time or money to learn or outsource, set them aside for when you do.
5 – Can I implement it within the time I have available? This one can be challenging because some ideas take more time than others. You will need to know how easy it is to implement, and how time consuming it is to implement, then you need to make a decision. Is the return going to be worth the time investment?
6 – How will I pay to get this idea off the ground? This is something you cannot overlook while evaluating, can you afford the cost of this idea? It’s very simple. If you can’t afford it, but it checks all the other boxes and you just can’t get it out of your mind. Time to figure out how to make it more affordable or where you can get the money.
7 – What is the expected return? What is this idea going to do for your biz? What are you hoping to get out of it? Is the return worth the effort?
If you need more help, the video above goes into more details on idea evaluation.