Effective ways to brainstorm profitable business ideas
An idea can make or break a business. In theory brainstorming sessions provide a free and open environment that encourages members of your business to share ideas that could potentially drive your company forward. However, in order to generate profitable ideas, you first must have a plan and not launch in willy-nilly all guns blazing. Below we’ve rounded up some factors to consider that can help provide structure to your brainstorming session.
- Understand what you hope to achieve
Before you consider anything else you must first define what you hope to gain from the brainstorming session. Are you attempting to find a solution to a customer need? Or are you coming up with a fresh business or product idea? Whatever your objective happens to be, be sure to jot it down for all to see which should ensure that everyone’s singing from the same hymn sheet.
- Question your assumptions
Start-ups such as AirBnB and Uber are making waves in their markets as they’ve perfected new solutions to common problems. Try ignoring current solutions in your market and think of new ways that a problem can be solved. First, write down and then address current assumptions about a product or service, then think of new ways around those assumptions or ways to replace them. Sometimes to be successful all you have to do is make a change to the business model rather than change the product offerings or need addressed.
- Gather a mixture of people
On the whole brainstorming should be a fun activity where problems are solved in a positive, rewarding environment which in turn will help team members bond. If one team member gets stuck on an idea, another member’s creativity and experience should be there to take that idea up a notch. Ideally, participants should come from all parts of the company, as this cross-section of experience can make the session more spontaneous and creative. Keep the numbers down though for your brainstorming session, as you don’t want the group to be too big.
- Honour all suggestions and ideas
Research carried out by Fastcompany.com found that in most meetings with traditional brainstorming, a few people do 60-75% of the talking. It’s important to approach a brainstorming session with an open mind and let everyone have a say and to leave judgments at the door. If you don’t allow positivity to blossom then expect your people to clam up, ideas to nosedive and team morale sink to rock bottom.
KashFlow is easy to use accounting software that can help streamline your work processes freeing up more time for you and your team to focus on generating ideas to grow your business. As well as taking care of your accounting needs, KashFlow enables you to easily create professional invoices using your logo and even add cashless payments to enable you to get paid instantly.
To find out how we can help claw back more time for your business whilst helping you profit in the process, just call our Onboarding Team on 0844 815 5779 for a quick 1-2-1 demonstration of our software.
