You have some big ideas. You recognise that the world of business is ever-changing and standing still is not an option. You have the inspiration, but you can never seem to actually take action. You’re not alone…
For many owner-managed or family businesses, their work is their livelihood. With so much at stake, many are nervous of failure which stems from worries like lack of experience, financial restraints and unclear strategic vision. The easiest solution is to do nothing. All of your big ideas simply go unheard of and unused. Your business may start slipping behind and the future no longer looks so prosperous.
Here at Armstrong Watson we can help you nurture and develop those ideas and make them happen!
Here are our three steps to making your big ideas a reality:
1. Write it down
The first step is getting your idea out of the confines of your brain. Writing it down will help you see where there are gaps so you can work through these before sharing it with others. Whatever your idea, remember that it won’t be perfect. All great things start as an idea, it’s how you grow and develop them that count. Once you have spent some time brain-storming or getting the details on paper, make sure you are confident in presenting it in a simple but clear manner so when you share it with others they can see the bigger picture without getting caught up in the detail.
2. Bring others to the table
Involving others in the development stage of an idea can be hugely beneficial. Gathering some varying opinions will add weight to your proposition, can offer a boost of confidence and could identify any weaknesses so you can adapt and amend your plans as necessary.
So pick people you trust - whether that is a family member, a colleague, your accountant or business adviser. Ask them questions, draw on their knowledge and experience and be open to their answers. Would this idea actually be helpful? Does it solve a business need? Is there anything you could change to make it stronger or more profitable? This will prompt those people to share some particularly helpful feedback that you can incorporate into your plans.
3. Plan of action
Once you feel like your idea has been well thought-out, it’s time to plan how you can make it happen. You will need to set out the objectives you want to achieve and the actions you need to take to ensure you get there. You start asking yourself questions like: Do you have the time to move forward with your plans or could you do with some help and support? Do you have the cash resources already within your business or do you need some additional funding sources? What information do you need to present to the bank for a lending application? Is a term loan the best option? Are you getting the best interest rate?
You may need:
more strategic input to fine-tune your ideas and plans
additional staff
additional finance
Here at Armstrong Watson we can assist you with:
Strategic advice and input
Business plans
Financial projections
Feasibility studies
Finance raising
Acquisition searches
Our advisers at Armstrong Watson have the skills and experience to guide you through the decisions, support you every step of the way and make sure that you will never regret not pursuing those big ideas.
Do you have big ideas but need that support to make them happen? Let us take you to the extraordinary!
