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Day 4: Prioritization – Improve Your Business in 77 Days

We are in the fourth day in our challenge to improve your business in 77 days. Previous day was about improving your community with which you need to communicate your new ideas as a result of the creativity process in your business.

Do you find yourself to work on some ideas that after some period of time, you find that it is not so important as you think? The implementation did’t give expected results. You invest your time and money in something that was not so important for your business but also for your customers.

If you want constantly to improve your business, you need to have the system with which you can easily prioritize what need to be done as a first. You don’t want some very important ideas that can bring dramatic improvements in your business to be delayed. You don’t want to work on something that will not increase the value in the eye of your customers.

The real question that you need to answer today is how you can decide which idea is really the most important at any given time to be implemented?

There are too many ways that you can use to score your ideas to make the real prioritization. I want to give a possible system that you can use to improve your business through prioritization of your ideas as results of the creativity process in your business. This system will be based on the questions that will need your answer to show you what is more important and have the largest priority for the implementation.

  • What is your main business objective?
  • What is your main personal objective?
  • How much resources are needed for the given idea? You need to assess needed resources for each idea. The resources can be human resources, time, money, physical energy, and so on.
  • What will be the contribution of each idea to achieve your business and personal objective?
  • Do you have enough resources to implement each idea? You can’t implement something if you don’t have enough resources. Probably, it is better to postpone such ideas.
  • What will be the return of investments from each idea?
  • How much time will be needed to reach the return of investments point?
  • Is it and how much is each idea sustainable?
  • What will be the overall improvements in your business from the implementation of each idea?
  • What’s the type of the problems that solves each particular idea to your customers?
  • How frequent is that problem? Does it occur too often or on the rare occasions?
  • How much is the need for the solution that your customers have for the particular problem?
  • From the customer’s viewpoint what they think that is most important for them?

Each answer on the questions must be translated in a numerical rating system that will be enough to find the most priority ideas that will need to be implemented as a first.

We will continue tomorrow with the fifth day where you will work on your plan for implementation of the ideas because you already have the priority of each idea that comes to you as an entrepreneur.