As an Owner, we have all accumulated new or crazy ideas that have not been implemented. Some came from customer requests, an offhand conversation with an employee or supplier, middle of the night brainstorms and strategic planning sessions you only partially executed.
We all have them, just never could find the time to do anything about them. Tried once, had some success but you weren't comfortable with the amount of work required to fully exploit the idea. So you just left it on the back burner to simmer or worse, get cold.
I guarantee if there was an idea generated and not acted upon, it wouldn't take long to quickly determine if it could have a life. You want to know if there is an ember of possibility or not. Blow on the ember and massive flames can grow out of it. If the idea proves to not be viable then use it as a starting point. One idea typically begets another and another etc.
Are you sitting on other unexploited sales, money left on the table? An opportunity to take your tired business in a different direction. You could be sitting on a pot of gold. And if you aren't prepared to take the idea to the next step, then pretty it up and use it to sweeten the deal for a prospective Buyer.
Once you dust them off, be careful as you may now want to move forward on some of the ideas and put the sale of your company or the launch of something else on the back burner. My suggestion is to run on parallel paths. Continue preparing for the sale as you never know when the right Buyer will come along or you no longer have the choice about selling.
Prepare the list, do the best you can and consider handing over the list to the new Buyer. No one will pay you for opportunity they have to execute on. However sweetening the deal is always nice. Or tie the new idea into an opportunity you could run with at a later time. Post transition.
This is a team sport so get your staff, vendors and customers involved. Remember confidentiality is key. So be careful and selective who you let in on the process and don't tell anyone everything. Until the time is right.
Exercise - Task Create An Opportunity List
1. New Product Ideas
2. New Service Ideas
3. Existing Product Improvements
4. Existing Service Improvements
5. Customer Relationship New Ideas
6. Potential Joint Venture Opportunities
7. New Equipment Purchases
8. Existing Equipment Modifications
9. Brainstorm new ideas with select staff, vendors and customers.
Lesson from my online course www.SellYourBusiness4More.com
We all have them, just never could find the time to do anything about them. Tried once, had some success but you weren't comfortable with the amount of work required to fully exploit the idea. So you just left it on the back burner to simmer or worse, get cold.
I guarantee if there was an idea generated and not acted upon, it wouldn't take long to quickly determine if it could have a life. You want to know if there is an ember of possibility or not. Blow on the ember and massive flames can grow out of it. If the idea proves to not be viable then use it as a starting point. One idea typically begets another and another etc.
Are you sitting on other unexploited sales, money left on the table? An opportunity to take your tired business in a different direction. You could be sitting on a pot of gold. And if you aren't prepared to take the idea to the next step, then pretty it up and use it to sweeten the deal for a prospective Buyer.
Once you dust them off, be careful as you may now want to move forward on some of the ideas and put the sale of your company or the launch of something else on the back burner. My suggestion is to run on parallel paths. Continue preparing for the sale as you never know when the right Buyer will come along or you no longer have the choice about selling.
Prepare the list, do the best you can and consider handing over the list to the new Buyer. No one will pay you for opportunity they have to execute on. However sweetening the deal is always nice. Or tie the new idea into an opportunity you could run with at a later time. Post transition.
This is a team sport so get your staff, vendors and customers involved. Remember confidentiality is key. So be careful and selective who you let in on the process and don't tell anyone everything. Until the time is right.
Exercise - Task Create An Opportunity List
1. New Product Ideas
2. New Service Ideas
3. Existing Product Improvements
4. Existing Service Improvements
5. Customer Relationship New Ideas
6. Potential Joint Venture Opportunities
7. New Equipment Purchases
8. Existing Equipment Modifications
9. Brainstorm new ideas with select staff, vendors and customers.
Lesson from my online course www.SellYourBusiness4More.com
