I have lots of ideas about new consulting services and ways to market them. The problem is that I am so busy keeping up with my current business I am not sure what to give up to carve out time to try some of these new lines of business. It's not that I can't prioritize, but more that I am not sure what ideas are worth investing in.
In some ways, the fortunate consultant doesn't have many new ideas to try out. Their business just runs itself and evolves slowly as needed. The truly cursed consultant generates a steady stream of new ideas about practice management, marketing, client services and even entirely new lines of business. There's not enough time, capital, mindshare or energy to tackle even a few of these. The first of many decisions is to understand what risks are involved with trying new ideas (e.g., psychic or financial risks of failure, conflicts or branding risks of succeeding, among many others). What holds many of us back is not having a clear sense of both the path and the outcome of trying out such ideas.
That's just the pregame warm-up. The real issue is actually how to get off the ground what is likely to be a more complex, time consuming and costly idea than you planned. Is the concept really complete? Do I really have the capital? Who will backstop my current business while my attention is diverted? Can I jointly launch several of these ventures? If this sounds like a business plan, you're right. What keeps many of these ideas in the draft stage is a lack of thorough analysis of design, deployment and operation. Once we know exactly what is involved, a lot of these ideas either make no sense (so we can stop worrying about them) or they are obvious investments (and we can get started).Tip:
There’s one more step. Even after we have a competent business plan, we sometimes need a kick in the pants to get moving. No amount of risk or business analysis will give you this. It is all about personality, enthusiasm and feedback from your peers or the market. 99%
is a smart collection of articles and (blissfully short and non-pedantic) videos about making ideas happen (there's a book by the site owner as well). Whenever you need some juice for your ideas, watch a few videos on areas like discipline, bias to action, focus and collaboration.© 2011 Institute of Management Consultants USA