Idea of the Day

If you already know what I'm talking about, then you're probably mumbling and rolling your eyes as you think about that boss or manager who had serial entrepreneurial tendencies. The rest of you are thinking, "what is he talking about." Let me start off by saying that entrepreneurs truly are some of the most influential people in today's society. Fortunately we live in a society that rewards free thinking and creativity. However, in the business world - especially the small business world - the prevalence of the "Idea-a-day" mentality can be seriously hurtful to a business's longevity.

As an example, think of the stock market. Sound investments are typically well thought out and formulated for consistent long-term growth. The majority of day traders who are trying to buy and sell and make the quick and easy buck typically - although a few beat the market - grind their savings into sawdust.

The same goes for business strategy. You have to plan the work and work the plan as the old adage goes. Ironically, you would be surprised how many leaders get caught up doing just the opposite. People tend to get an idea and become excited and want to get it in place as soon as possible but typically observe the opposite.

My suggestion: Team accountability. Get together as a team and spend time to formulate a long term plan. Where is your business now, and where do you see it in five years? Write down the goals and vision of your business. Then work on a shorter term, 90 day plan to orchestrate your sales and marketing strategy. Take time to really plan things out. Often times I see excitement rush a project from conception to launch in just a few days and as a result it typically falls apart after a few weeks.

My step-by-step prescription for success:

1. Set your organization's goals. Make sure they're on paper. Ideally, you should have them hanging in every office. Open goals lead to more accountability. Where will your company be in 5 years?
   
2. Create a 90 day plan. This is where you formulate strategy. How are you going to grow the business? This is where you fill the proverbial tool box with the necessary items to be successful.
   
3. Stick to the plan. Work the plan. It's OK to have ideas, but develop them slowly and launch them accordingly. I can't tell you how many times Managing Directors and other executives have come to me with the next huge idea that they can't wait to start. Nine times out of ten they are a waste of time (the other one idea is the reason why they are managing directors).
   
4. Measure performance and make changes as needed. Monthly is ideal.

Do the research, plan your "investment" and attain consistent growth. The days of the day traders are few and far between.