Friday, April 10, 2009

Value - in a nut shell

A constant flow of new ideas is vital to any growing business.

But what makes an idea great? Which ideas get the most attention? All great ideas take into account the following 3 important factors

  1. Resources: What resources (time, money, people) are needed to implement this idea?

  2. Risk: What could potentially be lost? What areas of the business become vulnerable? How is the business exposed?

  3. Reward: What is gained by implementing this idea? How does the business benefit?

The perfect idea maximizes Reward while minimizing Risk and Resources. Everybody has some good ideas and ideas can come in every shape and size, but the real key to success is to capitalize on Reward while limiting Resources and Risk.

Especially during these lean times low Resource and high Reward ideas are more valuable than ever.

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