Lots of ideas but no time to implement
Author: Russell SmithFebruary 4, 2012
As business owners, it is often the case that we are not short of great new ideas. It’s difficult to switch off without the 1001 ideas swirling around our heads to improve and grow our businesses.
Owners who are in the early stages of their businesses see this as a good thing but soon it is realised that ideas are not the finite resource, it is always time. There is not enough time to implement the ideas.
True, we can use the 20/80 rule to optimise our time management. The 20/80 rule (paretos principle and a book by Richard Koch) states that only 20% of your time results in the real value, whilst 80% is either a complete waste or time or certainly inefficient time.
Even if you crack down on the time-wasting, improve your delegation and become the most efficient time manager ever, there still is only 16 hours in a day (presuming your sleeping). The fact is – of all the good ideas, you have to choose which ones are going to add most value to your business.
A starting point is to check whether your ideas align with your core goals for your business. The next point would be to ask yourself what monetary value could be received from your idea, then to ask yourself if you want a quick short-term win, a more sustained medium term return or building for long-term growth.
Of all the ideas that we have, 50% could be scrapped with a bit of ruthlessness, probably from others in your team rather than yourself. With some prioritisation, the ideas can be scaled down to 10. Then by applying the points above, down to 3 and then ACTION.
Of course, there’s no guarantee of picking the correct idea but over time with sustained action it is easier to pick the ideas that can make a real impact rather than the ones that are best left inside the head.