Great Business Ideas: A 7 Step Plan

Great business ideas!How do you stand out from the crowd at a time when many businesses are struggling? Well, one thing you can do is innovate! And how do you do that? Isn’t that easier said than done?

Step in Strategy Consultant and Independent Financial Economist, Professor Dominic Swords, of Henley Business School. Professor Swords has analysed some of the world’s most innovative businesses and distilled his findings into an easy-to-follow plan.

Following the likes of big companies 3M, Bupa, Diageo and Orange in a research project over the past year, Professor Swords has taken, in his owns words “tips from the best” and looked at “how they consistently generate great ideas”. He has used his findings to create this 7-step plan to generate great business ideas which, he says, are just as relevant to small businesses as they are to larger firms.

In a nutshell, the 7 steps are as follows:

Step 1: Be clear about what you want to achieve

Step 2: Ask individuals to come up with ideas

Step 3: Set the context

Step 4: Bring the group together and share

Step 5: Build on the best ideas

Step 6: Agree an ideas short-list

Step 7: Make it real

Obviously there’s a lot more to it than that, so for the full picture and a further explanation of the 7 points, see Dominic Swords’ video (below) and visit where you can download the full documentation of Dominic Sword’s 7 Step plan for generating great business ideas (2Mb PDF).

The plan was tested on a group of small business competition winners who spent half an hour on-board the London Eye (one revolution) in a brainstorming session. You can see their response to the session and the 7 tips of the plan in greater detail in the following film;

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