I’ve had several strategy sessions in this last week as we gear up for Q3, and a statement all of my clients voiced was:
“How do I decide if I should do that?”
That being a new idea.
“How do I decide if it’s a good idea?”
“How do I decide if I want to take this idea and run with it?”
Not knowing how to make a decision prevents entrepreneurs from taking action on ideas that yes, might fail, but might move the needle.
Known as analysis paralysis, this is a problem that has plagued humanity and examples are found in the works of Aesop, Shakespeare, and Voltaire.
But analysis paralysis can be overcome with a simple method I call the VISION Analysis™.
The VISION Analysis Framework is my powerful secret weapon. This tool allows me to quickly decide if an idea is worth pursuing or not in an hour or less.
If an idea isn’t worth the resources required to bring it to life, I can quickly shelve it and move onto the next idea on my list.
How the VISION Analysis Works
Every business is prone to vulnerabilities, but none can be so impactful as a leader who makes poor choices. The VISION Analysis framework will help you make smarter choices, even if you’re not innately strategic.
A VISION Analysis weighs:
- Next Steps
Start by analyzing your idea’s vulnerabilities. This could be anything from competition to how much time or money you would have to invest in creating the offer.
A Vulnerability is defined as anything that poses a risk to your idea, and sometimes the biggest risk may be you, and that’s okay. knowing that will help you see your idea more objectively, and will help you decide on the best next steps to bring your idea to life.
Insights are anything you’ve gleaned about this idea that can help mitigate a vulnerability. Such as a competitor is shutting down their product next year. Or perhaps you see a trend in the marketplace that your competitors haven’t noticed yet.
Insights are typically a combination of experience, industry specific knowledge and intuition.
Strengths are any innate strengths that you, your company, or team have when it comes to this idea. Assign each strength a value on a scale of 1-10, with 1 being the weakest, and 10 being the strongest. When you do this objectively, you’ll often discover something you thought was a strength is actually a weakness.
You may also discover the strengths aren’t as strong as you initially thought.
Under Implementation write down the basic steps you need to take in order to implement this idea as well as a projected date you could have them done by.
Under Opportunities write down the opportunity that you foresee for your business if this is successfully executed.
And, lastly, write down the Next Steps you or your team must take in order to execute on the idea.
Sometimes by the time you get to Next Steps you may decide to scrap the idea because it doesn’t hold up, or because the vulnerabilities don’t outweigh the strengths.
As you’re getting started with strategic thinking, I recommend you run every single idea through the VISION Analysis.
It may feel challenging, and overwhelming at first. It may feel completely out of your comfort zone to give strategic thought to something before you run with it, but once you’ve done this dozens of times, it will be second nature.
Are you going to give this a try in your business? Let me know how it goes in a comment below.