Grasping at Straws | Extraordinary Business
Keys to making innovation work in your company.
Cut to the chase: Half-baked ideas have no business in the business world. If it isn’t designed to be profitable, it is probably a waste of time. This doesn’t imply that you will have all of the answers all of the time, but King Solomon probably said it best, “Who builds a tower without calculating the cost?”
I have heard people say a number of times, “any movement is better than no movement at all.” While this may have merit, if the movement is backwards, is it really worth it? If this new venture is going to hurt your brand, is it worth it? On the upside, you will probably have a better understanding of how not to do something! But if the concept was better thought out to begin with, perhaps some of the pain could have been avoided? The way that we work around “stepping in it” is to think through your idea or innovation and figure out how to work.
How much is it going to cost in order to develop a product that is ready to go to market. That cost will include money, time and people, typically, to make it happen. Where will you get the money. For a good idea, the money is out there. How will you get it it? A bank? Investor? Crowd funding? Giving friends and family an opportunity to invest?
What kind of timeframe do you have? Are you going to take a half-baked idea to market too soon just to have someone come after you, do a good job and get all of the glory and revenue? Are you going to take so long to take it to market that you become a market follower rather than a market maker? How long will it take, are are your expectations realistic?
Is there an existing need or want in the marketplace or are you going to have to make that market? Making a market takes a heck of a lot more resources than serving a need that the market has already identified. The market had no idea it needed to purchase its books and other goods over the internet. Now, just in Q2 of 2012, Americans spent a whopping $43.2 Billion! (source: Comscore). That is 35% more what it was in 2007 (before the recession!).
Why bother? Commitment to an idea is one of the primary drivers for its success. Going through the motions to bring an idea to market just because everyone else is doing it is simply a waste of time. The lack of passion can stall an innovation like a dam on a river. Someone or a team that is passionate about bringing an idea to market can (and may need to!) overcome seemingly insurmountable odds.
Think about the game changers your company will bring to marketing that will set it apart as an extraordinary business. While planning and execution don’t guarantee success of your latest innovation, it certainly increases the likelihood exponentially.
Aepiphanni Business Consulting: The Business Strategy People is an Atlanta, Georgia based Operations Management and Business Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders. We help business leaders DESIGN| CREATE | BUILD extraordinary businesses. We support our clients with financial management, product and service production and delivery, outsourced services management, sales & marketing and business growth. We provide them with a number of flexible solutions to help them reach their goals.
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