Business owners rarely have a problem coming up with ideas. The problem is deciding on the best ideas and then saying no to the others. Many veteran small business owners believe the following business plan roadmap can help prospective entrepreneurs quickly weed out the bad ideas and get to the best growth initiatives faster.
How to Turn an Idea Into a Business Plan?
First, assemble your team. This should include you, other business leaders, at least one customer-facing employee, and possibly a knowledgeable outsider who can bring in fresh ideas and follow the business plan roadmap.
Now, start brainstorming business ideas. Let nothing be too nit-picky or too outrageous. Try to keep everyone quiet for a while and let your team percolate. When everybody is ready, consolidate your ideas and put them up on something so they can be seen by all. Now take a few minutes to group those that naturally clump together.
How to Map Out a Business Idea?
These are the nuggets of gold that you can use to map your ideas.
What is the potential impact on the business?
Will it bring in revenue, cut costs, or reduce risks?
What is the cost in terms of time and money?
Now is the time that being the boss gets a little tricky. The task of picking out the best of the bunch falls to you.
Some of the hardest to distinguish are ideas that seem like a good project but really just distract you from building your business. Your priorities should be on finding the ideas that show real impact with not too much cost to the business. Most of your final best initiatives will come from here.
But don’t just throw away good ideas because they seem too big or expensive. While these initiatives may be expensive and difficult, they can also be the great ideas that set your business apart from your competition.
Now that you have the best growth projects for your business narrowed down, without losing all your great ideas, make sure to plan for your business growth with a professionally written business plan from Wise Business Plans.