5 Strategies to Turn 2016 Business Ideas into Reality

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5 Strategies to Turn 2016 Business Ideas into Reality

The start of the New Year is the perfect time to experiment with five 2016 business ideas that can help you strengthen your brand, focus on what is most profitable, shed inefficiencies and make your business a better place for customers and staff.

5 Strategies That Will Turn Your 2016 Business Ideas into Reality

No matter what type of business you own or how long your doors have been open, there is always something that can be improved.  If you are one of the thousands of business owners setting New Year Resolutions and goals right now, considering these five 2016 business ideas can help.

  1. Create a formal system for evaluating 2016 business ideas.

“It is by acts and not by ideas that people live.” Anatole France

Entrepreneurs and business owners usually don’t have a shortage of ideas. Without a formal system where ideas can be evaluated, plans of action can be developed, responsibilities can be assigned and measurements can be defined and tracked over time, most ideas – even the best of ideas – might never see the light of the work day.

  1. Involve everyone.

“Ideas are like pizza dough; made to be tossed around.” Anna Quindlen

There’s a saying that goes, “too many cooks spoil the brew.”  This might be true in the kitchen, but in organizations that want to grow and change, the more people that weigh in, contribute, buy-in and become personally invested in change initiatives, the better.

  1. Embrace real change.

“The difficultly lies not so much in developing new ideas as in escaping from old ones.” John Maynard Keynes

It’s human nature to resist change and fall back on what is familiar, especially if new behaviors don’t bring instant gratification. It’s important to remember that you will not be able to achieve new goals with old ways of thinking and old ways of doing. The pace of change in today’s competitive marketplace alone dictates that you need change ambassadors in your organization if you want to grow. Empower and rely on people on your staff who aren’t afraid to take on big challenges and learn new things!

  1. Proselytize.

“Eventually everything connects – people, ideas, objects. The quality of connections is the key to quality.” Charles Eames

If you want to achieve big things, you can’t afford to have staff that don’t believe in the vision. Everyone in your organization, everyone, ultimately has the power to contribute toward or against your goals for the New Year. Make sure they are all on board.

  1. Invest adequate resources.

“Money is a wonderful thing because it enables you… to invest in ideas that don’t have a short-term payback.” Steve Jobs

Your willingness to fund and allocate staff, time and other corporate resources to a given initiative is a direct reflection of your commitment to achieving the goal. No matter how sound your 2016 business ideas are, without allocation of adequate resources – including money – turning them into reality will be difficult.

Many of our business finance tools could be ideal options if your business lacks the working capital needed to execute ideas that will help your business grow in the New Year. Business loans, advances or equipment financing can provide your organization with a lump sum of working capital. For businesses that invoice customers or wait on payments from 3rd party platforms like Amazon or Zulily, invoice factoring speeds up cash flow, giving business owners immediate access to capital that would otherwise be tied up for 30 days or more.

2016 Business Ideas: How to Make and Keep New Goals in the New Year

Given that fewer than 10% of U.S. residents who make New Year Resolutions will successfully keep them, it’s important to find out what you can do to make it more likely that you (and your staff) will pursue and achieve the goals you set for the New Year. Psychologytoday.com offers up several tips, and we’ve adapted their list for business owners here:

  • Limit the list to one or two that are most important
  • Set realistic goals with specific, measurable benchmarks and a finish line
  • Don’t wait until New Year’s Day to start, make goal setting part of your organization’s process on an on-going, systematic basis
  • Be accountable and assign goals and tactics to specific people with dates set for measures, reports, and contingency plans
  • Be accountable to your accountability plan – where does the buck stop?
  • Communicate and celebrate incremental successes
  • Embrace change; you can’t achieve new goals with old thinking and the same tactics
  • Each day, you and your team should ask the question, what can I do today to move toward the goal?
  • Make sure that your company is “healthy;” fix what goes wrong internally so that employees can focus on reaching the goal
  • Have some fun along the way!

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Find out more about the business finance tools you can use to fund 2016 business ideas and grow your business more quickly by requesting information using the form below. There is no cost to apply or obligation to accept, and you could go from approval to funding in hours.

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