Research your idea thoroughly before floating it with management
Holloway: “When an idea comes into your head, you need to evaluate seven things…
- Will this activity add value to the company (in terms of money or brand equity)?
- Will time spent on this add more value than time spent on other activities?
- Is it achievable?
- Does it fit your overall business direction, brand image and corporate culture?
- Does it already exist?
- Is there a demand for this idea?
- Can you quantify the ROI?
- Will this activity add value to my life, existing relationships, or my organization? What benefits will it bring others and/or myself? Are the benefits high value and long term?
- Will time spent on this idea add more value than time spent on other activities? Excellent question for those of us who tend to juggle multiple projects.
- Is it achievable? Is this a “pie in the sky” idea and are there the resources (money, time, skills) available to give this idea a fighting chance?
- Does it fit my overall personal, family, or organizational direction, image and culture?
- Does it already exist? If it does, how is it working for others?
- Is there a demand for this idea? From a sole proprietor or small organization perspective, does anyone want this? Is there a need or desire that can be filled or satisfied?
- Finally, does the idea fit well with the existing passion, purpose, and values that I, my family, or my organization embrace?