Tag: Business Idea

The Power of a Good Idea

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One of the most valuable items in your business is a good idea. In fact it was a good idea, coupled with the right people, at the right time, with the right know-how that created the business in the first place.idea-lightbulb

If you look around the most successful businesses are those that continually update their product line, and continually remain up to date with their communication and delivery.

So how do you harness the power of good ideas? What needs to be done to maintain a constant stream of ideas to ensure that at least some of them will be good ones? Like everything else – many hands make light work!

There are three basic sources: one is of course you, the expert. Allow your creativity full reign and be prepared to be surprised at the good ideas you come up with.

Another good source of ideas is other industries. What is happening in other industries that you can ‘import’ into yours? Could you use the communications capability of say Facebook? Or maybe the logistics capability of UPS? Maybe the sales motivation of an MLM company?

You may not be able to recreate the whole capability of the other industry, but maybe you can use some part of that capability? For example – establish an online presence for your company. There are many sites that encourage businesses to set up a profile, and to use that as part of their marketing efforts. Many of them are free, though as always you probably get what you pay for.

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Maybe you can use the capability of modern phones to improve your logistics? Maybe you can use an intranet to record sales and report current commissions and rewards, and in so doing encourage your sales staff?

I’m going to assume that you are the owner or manager of a business or department, and if that’s true then you are surrounded by experts who can give you many new ideas on how to improve the business. You call them ‘staff’ or ‘employees’ and I say ‘partners’.

By doing the job every day they know the problems that are currently being experienced, and most of the time they know what would solve the problem too. All you have to do is ask them – and reward the good ideas.

For example: let us say that you offer 10% of the financial difference made in the first year by any ideas that are implemented. If the idea saves $1,000 a year, the person who suggested it receives $100. If the idea saves $10,000 then they receive $1,000.

If you only had one idea to generate a 10% increase in  your profit line then  how would you implement it? Add a comment with your ideas or questions and we’ll make sure you get the credit for it!

So there you have it – the power of a good idea and where to find them.  I look forward to replying to your comments and connecting with you.

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