Ideas are the lifeblood of new businesses. We need new ideas to grow our customer base, develop new products, and find ways to leverage our time and talent to build a business instead of just owning a job. Unfortunately, great businesses are not built on ideas. The are built on the EXECUTION of great ideas.
Why pruning is so important
We are in the middle of planning season for 2013. It’s very tempting to think of the many things we will do for the coming year, but this can actually hurt our businesses. The business landscape is littered with half-hearted projects which started well but fizzled before completion. Creating a focused and simple business requires the difficult work of deciding what we will NOT do in the coming year.
I’m like many entrepreneurs. I thought I would be able to launch many ideas and projects once I left my corporate job and pursued my business full time. I’ve learned how having more time really means I can FINISH more projects. This means I must identify the projects I want to complete and focus my time and effort to finish those projects.
The three items I’m focusing on for my 2013 business planning
- What frustrated me in 2012? – I took some projects in 2012 to bring money in for my business, but they are now not really a part of how I want my business to look in the future. I am using my experience to develop business ideas which will allow me to gracefully exit from those projects.
- What opportunities appeared for me? – When I started running a full-time business, I never expected my review course for the CMA exam to have great potential. That opportunity is now a core offering in my business, and I am working on new projects to expand that revenue line. I have also found several other training and development opportunities on which I can focus in 2013?
- Who really is my ideal customer? – We can become so involved in our projects that we begin working with people who are not our ideal customer. This results in not having the fun you should have running your own business. You must find that ideal customer to bring the purpose and meaning you want into your business.
It is difficult to make your business simple. Our natural instinct is to add more complexity and ideas, but we must ensure we make our businesses simple. Your business planning is the perfect time to focus on the right ideas to give yourself the opportunity to complete more and build the business you want.