What should I do?

I’m facilitating a group of CEOs who will be sharing lots of ideas on how to increase business, adding new products, upgrading technology, increasing income and a host of other ideas.  The challenge for this group is not what the new great ideas are.  The challenge is what ideas should each implement into their own shop.  When there are so many great things to do, how do you choose what is the best idea for you?  Here are some thoughts and steps to go through this process.

Step 1:  Limit the focus.  The more projects you have being implemented, the less likely they will be implemented.  Studies show if you or your organization are working on one to two projects or new ideas at any time, you’re 90% likely to complete them.  Three to five new ideas, you’re 40% likely to complete them.  More than five new ideas or projects, you have a 10% chance of completing them.  Limit your focus to one or two at any one time and enjoy the success of adding something new to your business.

Step 2:  Costs.  There are two kinds of costs, capital outlay – one time costs associated with the initiative and on-going costs – repetitive costs that occur monthly, quarterly or annually.  Remember to add into these costs, staff time – both to implement the project and ongoing to maintain the project.  You may need other resources such as space or additional head count.  Separate the costs into two lists – one time and ongoing.

Step 3:  Benefits.  This is where you identify one time and ongoing benefits.  One time benefits may include staff reduction or space reduction.  Ongoing benefits include income generated, efficiencies or other benefits.  Separate the benefits into two lists – one time and ongoing.

Step 4:  No.  Think about what would happen if you didn’t implement the idea, or if you put the idea on hold for 12 – 24 months.  Write down your thoughts for each idea that you’re evaluating.

Step 5:  Why.  Ask yourself why this project or new idea would be good for the organization.  If it is because everyone else is doing it, that may not be enough.  If it will keep you competitive, open up new markets, help the organization and customers that are served, it may be a good idea.  I’ve seen many organizations take on new projects for reasons of ego, and not much else.

Step 6:  Analyze.  For each project and idea use the information in Steps 2 and 3 to see if the project makes financial sense and has a good return for the organization within a reasonable time.  Look at the ramifications of Step 4 and understand if this is something you can live without or something you can’t.  The analysis phase is particularly useful when you are making your decision of which ideas will make it in your plan for the upcoming year.

Step 7:  Walk away.  After you perform your analysis, put it aside for a few days or a week before selecting what will be in your annual plan.  Providing a little distance between the analysis and final decision will help the process become more objective.

Step 8:  See Step 1:  Only choose one to two new ideas to implement at a time.  You’ll be much more likely to succeed.

Bonus step:  As new ideas continue to pop up, write them down and document them.  Put them in a new idea folder.  When you’ve finished the implementation of your current projects, pull out the folder and see what makes sense to add into your organization.

Are there any steps that I’ve missed?  What has worked for you?  Leave your comments below.

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