Part of being a leader is knowing when to implement a business idea, when to put it on the back burner and when to walk away from it entirely. Pushing to pursue an idea too soon or before it’s fully developed could negatively impact your team and your bottom line. On the other hand, rejecting or holding out on a strong idea could result in a significant missed opportunity.
To help leaders figure out the best course of action on a business idea, the members of Business Journals Leadership Trust share their insights. Here are eight ways to determine when (and whether) a business idea is worth pursuing.
1. Focus on customer feedback.
Timing is everything in business; knowing when to implement and wait are key success factors. Focus more on what your clients or customers say about the idea than on what you are hearing internally since many internal people lean toward the status quo. However, do not be afraid to be bold and test something new. Even if you try it on a small scale, you will learn valuable lessons. – Angela Crawford, Leadership Excelleration
2. Conduct market research.
Great ideas pop up every moment — it’s part of innovation! But I believe before investing in a new idea, some market research really needs to take place. Is there a strong demand? Does this solve a known problem? What is the capital needed for development? How long is the return? Do you have the capital on hand to move forward? If the answers to any of these questions are undesirable, then table the idea. – Kimberly Lucas, Goldstone Partners
3. Think through the details.
Think it through. Does this idea align with your big picture? What could you achieve? Are there timing considerations? Is everything in place to make it happen? What resources do you need to get it started and sustain it? Can you start small, experiment to get it right and experience small wins to build momentum? This thorough thought process will point you in the right direction. – Rebecca Thorburn, Visible Impact
Business Journals Leadership Trust is a vetted network of influential business leaders, executives and entrepreneurs in your community.
4. Determine alignment with your vision.
As a leader, you have your business figured out on every level. You have your vision, strategic goals, tactical objectives and day-to-day tasks. And you are working to achieve something this year or this quarter. So, how does this new idea that you have it fit into all of this? If it brings you closer to your vision and your goals as of this year, it makes sense to try it. – Solomon Thimothy, OneIMS
5. Understand an idea’s strategic value.
Does it fit your strategic objectives for the year? Will not doing it result in your business failing immediately if not addressed? If something will divert resources for the year without any clear tactical or strategic value, then consider dropping it. – Zain Jaffer, Zain Ventures
6. Prioritize by importance.
I recommend prioritizing ideas based on urgency and importance. High-importance ideas take precedence over high-urgency ideas. To help prioritize, run a SWOT analysis and talk with key stakeholders, including employees, customers, partners and advisors. This process will maximize confidence in the decision. – Kent Lewis, Deksia
7. Consider bandwidth.
I think it comes down to bandwidth. If your business is in a place where new ideas can take flight, then give them a shot. If you’re spread thin, then launching new initiatives could damage your existing product or service offering and potentially put you out of business. It all comes down to what your team can take on and execute successfully. – David Wescott, Transblue
8. Evaluate its real potential.
A good filter is to evaluate whether your new idea is providing a real solution to a real problem. If it has the potential to address a major challenge in the industry in a meaningful way, it’s worth it keeping it for later when you have the bandwidth to implement it. In the opposite case, it’s better to disregard it and focus your energy on something that has real potential. – Peter Abualzolof, Mashvisor
