Measuring Possibilities: Innovation and Strategic Planning

In the first in the series, we talked about possibilities, and the route to being able to determine if some possibility you are considering could truly be fruitful in the organization.  In the last installation of Measuring Possibilities, we talked about

1. measuring the strength of an idea by making sure that it is aligned with organizational beliefs
2. determining what resources we will need to have in place in order to pursue and attain the possibility

Now, let us proceed and discuss other areas that will impact the likelihood of success in our possibilities:

How many times have you been to a store that carried a wide range of products, from dog food to light bulbs to office supplies to paint.  On and on the list goes.  Now, to be certain, you could visit some where you go to the cookware section and ask about the warranty on the motor of the Kitchen Aide mixer, and the sales person could tell you about it, and probably tell you stories about the fact that one of the oldest Kitchen Aide mixers still in use is over 100 years old, and on and on and on. 

However, there are the stores wherein you could probably ask a sales person about the same Kitchen Aide Mixer, wherein you will get a response indicating that they have no idea what the warranty might be, if they knew what it was at all, and that, if you look closely, you could find the answer on the box, or, better yet, you could call the manufacturer, directly.  Needless to say, this is NOT the type of service that keeps most consumers as loyal consumers!

Capability, or the knowledge and skills to do whatever it is that we are thinking of adding to the company.  In the case of our sales person, capability includes the ability to train our employees about the product or services that we are offering before they are confronted with an interested customer.

Another consideration for measuring the likelihood of a possibility is capacity.  Have you ever gone to an ice cream shop that simply ran out of ice cream?  If it happened repeatedly, would you continue to patronize it?  I�ll bet that if you do, it will be less frequently then you would if they had the capacity to keep up with the demand on their products. 

Finally, you need a plan. 

While my wife and I were driving out of state, while I never get lost, I decided to try it out, just to see what it was like.    During the adventure, I asked my wife to pick up the map and guide us to our destination.  Well, being a good sport, she picked up the map, frowned a bit, scratched her head and sighed.  I asked her what the problem was.  Her response was that map reading was kind of like interpreting hieroglyphs for her.  The map simply wouldn�t work for her.

Just like the map, the plan you need has to work for you.  It does you no good to hire the best consulting firm in the world to help you develop a business plan to produce this product or service at some ungodly fee that exceeds the GDP of some small countries if the plan does not fit your organization.  If your organization needs to test the market, first, plan for that.  Know your criteria for success.  Know your criteria for failure.  Be clear on it.  If a detailed business model with market studies, competitive analysis and business models is what is going to make the difference for you, then go that direction, but use a plan that will work for you.

While you may have other considerations when you measure the strength of your possibility, include the five key areas to increase the likelihood of long-term success with your possibility:

1. Alignment with company beliefs
2. Determining what resources are available
3. Have the capability
4. Have the capacity
5. Have a plan

Aepiphanni Business Solutions is a Strategy Consulting Firm dedicated to serving the needs of business leaders and executives. We specialize in helping people get into business, and stay there.  We welcome clients in the personal and professional services industries, including restaurants, catering and event planning.  As always, we welcome your comments, thoughts, questions and suggestions.  If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].