4 Steps to Prevent New Ideas from Muddling Business Plan Execution

Business Plan Execution - What To Do With New Ideas

Preventing New Ideas from Shattering Your Business Plan

Business Plan Execution: What to Do with New Ideas

Robert Burns said, “The best-laid plans of mice and men often go awry.”

If you’ve spent the first part of 2022 implementing the business plan you worked so hard on last quarter, chances are things haven’t entirely gone according to plan.

That’s okay. That’s the life of a business owner. Fortunately, a business plan is fluid and flexible, and is built to adjust to an unpredictable business environment and ever-changing client needs.

But what should you do when your new ideas conflict with your current plan? How should you respond if your business plan’s flexibility is no longer at a bending point, but at a breaking point instead? Tear up the plan? Start over?

When new ideas arise, don’t take the ax to your business plan right away. Here is a process for evaluating those new ideas and determining when—and if—they are in your business’s best interest.

Step 1: Capture

New ideas may be coming at you from all directions. If you have a team of leaders, they may be suggesting new ideas or alternative solutions during meetings or on the fly. You may have a lightbulb moment at the most random time, like when you’re walking the dog, driving home, or in the shower.

The ideas may or may not be in line with your plan, but it’s not time to determine that just yet. It’s important to have a system in place to capture those ideas—good or bad—as they occur so they are not forgotten.

When Ideas Come From All Directions, Capture Them

Step 2: Evaluate

Take a critical look at each idea from your capture system to determine the next steps. Ask yourself the following questions:

Is this idea better than what’s in my current business plan? Specifically, will it generate more revenue faster than current strategies?
How much time would the idea take to develop, and would I be missing revenue in the meantime?
What has the greatest impact on the customer? (keep in mind that money is not the prime driver)
If I executed this idea, what would I have to give up, postpone, or rework from the original plan?

Critically Evaluate New Ideas by Asking Questions

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Step 3: Research

You might need to run numbers, conduct forecasting, or consult with your Online Business Manager to play through different scenarios and determine how the idea will impact the business. It’s generally good practice to run the new ideas by your team who helped you develop your business plan. Their feedback is important because they are often closer to the day-to-day business than you are and may have a better handle on how the new idea will affect your customers. They are also the arm of the business who will be implementing the idea, should you choose to adopt it.

Step 4: Decide

Studying your research will help you decide if the new idea is good enough to merit rework on your business plan, or if it’s something that can be implemented in the next quarter or the next year. Ultimately, the decision of how to handle this new idea is yours. You can make the decision, or let the team decide.

The greatest ideas are the simplest.

William Golding

Decide if the Idea Merits Adding to Your Plan

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Need Help with New Ideas?

If you need help determining where a new idea fits into your overall business plan, an Online Business Manager can give you the advice and perspective you are looking for. We have worked with many businesses just like yours, and can give you the guidance and support needed to implement the idea, or advise you on saving it for later.

Want to learn more about the impact an Online Business Manager can have on your business? Give Healthy Business Manager a call today!

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