GREAT IDEA

A Great Five Step Process for Building Your Business:

 by Frank Rotella (Founder & CEO of Rofami Inc.)

Everybody has great ideas for improving their business. Thinking about great ideas is easy, but the actual process can be challenging. Here's a quick Five Step Process that you can follow to make sure you stay on track to meeting your goals and objectives.

Step 1: Idea Generation Thinking about great ideas is fun and easy. Everyone loves a great idea.   Ideas should be specific, unique, and practical. Does your idea involve a product, process, or service that solves a specific problem?  Be as specific as possible when thinking of ideas to implement into your business that will add value to either your branding or bottom line valuation.

Step 2: Plan Having a detailed plan of attack is critical to taking action and making your idea a successful reality. Understand all of your specific business strengths and weaknesses along with your industry's opportunities & threats. Think like the military when planning. No army enters a battle unless they understand their opponent and their plan of attack. Have a solid understanding of how you plan to generate revenue and build your business. How flexible is your plan to change?

Step 3: Take Action This can be a difficult and expensive step without proper planning. Be willing to take some risks and take a chance on making your thoughts and ideas become a reality. Be confident, flexible and focused when executing your plan.  There will always be bumps in the road, but you must adapt to their bumps and stay on your path to success.

Step 4: Results Keep detailed records in order to effectively monitor and track the results of your action plan. Be prepared to adjust your plan depending on any unforeseen circumstances. Does your plan result in increased revenue or more customers? What results do you want to achieve?  It will be beneficial to keep a detailed spreadsheet of sales figures, expenses, and other important data that can be used to gauge the success of your overall plan.

Step 5: Consequences What are the consequences of your results? Here are a couple of potential consequences:  

Referrals * Positive or negative reviews / testimonials * Repeat business * Stronger brand loyalty / recognition * Increased revenues

Reference: 

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