4 Quick Questions to Evaluate Any Idea In 2024

TRANSCRIPT AUTOMATICALLY GENERATED [00:00:00] Hey, Hey, it's the last episode of 2023, and I really wanted to set you up for 2024 in the most simple, yet comprehensive way that I could. As we're about to go into word of the year. Theme of the year. Season where everybody is going to tell you what they are doing in 2024. What their word of the errors in 2024, what the focus is in 2024. Heck, even this last few episodes we've been talking about the themes that I'm seeing coming up in the industry and with clients for 2024. And while that could be inspiring and be giving you ideas, it can also start to feel really overwhelming when every day there's a new idea tossed at you. That sounds like a really good idea. And so I wanted to give you a framework. That's really simple, full, quick little steps that you can go through when you hear a new idea that wants to pull your focus into something new. So let's dive into that framework and then we're going to use the themes that I've been talking about as our example cases. So the first thing I want you to ask yourself is does the idea, theme, suggestion. Align with your longterm goals. And with your values. So we want to make sure. That, whatever this new thing is the shiny object. The scroll that's dotted in front of you. We want to make sure that it really resonates with your broader plan for your business. Is it in line with what you're passionate about? Does it help your business goals? Does it impact your personal brand? So does it fit. With your goals and your values. Second up is cost benefit analysis. I would not be who I am. If I wasn't giving you some numbers, data or spreadsheet driven tactic. So I want you to think about this new idea or suggestion or theme. And ask yourself what it might cost you. I think time, including your own time, money, resources, energy. Versus what could it be giving you in terms of revenue and that might [00:02:00] be direct or indirect, right? For example, you might go on a podcast spree that gets you visibility that could lead to revenue down the line. So you want to think of benefits and costs and assess whether or not this is a good idea. Third. I want you to think about. How this is going to impact you and your business. I know that sounds really obvious. But I want you to think about it in both of those elements. So something might sound like it's a fabulous idea for the business. It might be something you're super skilled at. It might be something you can make a ton of money at, but if you hate doing it, It's probably not worth it. On the other hand, if there's something that's amazing that you have loads of fun doing that you can't find a way to, or simply don't want to monetize. That's okay too. Those things are called hobbies. We're allowed to have them. So I'm told. So you want to think about, does this new idea or theme? Translate into a positive change in your business and in your personal life. Or can you see it creating complexity or an energy drain or frustration in either of those elements? And then finally, I want you to think about sustainability. It's really easy to get excited about a new idea. It's exciting to get started. It's exciting to do the first few iterations of the new idea. And then that new idea stops feeling new. So once the novelty of whatever this idea or theme is, has worn off for you. Is it still sustainable? For example, at this time of the, I hear a lot of people talking about launching a podcast. And obviously I encourage that. But it's also the reality check is the pod fade happens were most podcasts. I do three or four episodes before giving up. It's a lot of effort to get that podcast up and going. You have to have like a cup of odd. You have to come up with a name that isn't, I'm not someone else's copyright. You have to have show description as teases. You have to have content, you have to submit to apple and Spotify and all these places. That's a lot of work to do to give up after four episodes. So I really want you to be thinking about, can you [00:04:00] consistently do this new idea or implement this new theme? In the longterm. Okay. So those are the four one. Does it align with your goals and your values? Two. Does it make sense using a cost benefit analysis? Three. Does it have a positive impact on your personal life and your business? And four, is it sustainable? So let's use an example so that we can walk through that framework and you can see how it would look in reality. Uh, let's use simplicity. That's probably going to be my word of the year. So let's use this framework to evaluate it. It will probably be my word of the year again, because as much as I strive for it, I love to overcomplicate. But the idea of making my life simpler and making my business simple Resonates with me. So it takes that first box . I believe that a simpler business runs better. That it's easier on me to run. I believe that my life is simple behind it, so it works for me. It aligns with my values. If I think about the benefits and costs of it. The benefits are usually less stress. A lot more clarity. Things run smoother. However the costs are, it takes a lot of effort. Making something simple costs either time or money. I want you to think about like your bedroom closet. If yours looks anything like mine. You have two options. Number one, you're going to have to invest some time in pulling everything out. Assessing it, trying it on, taking it off, deciding if it looks right. Deciding if you like it, deciding, ever wear it again. Trying to remember the last time you ordered. Or you can pay a professional to come in and simplified for you. Either way the end result should be the same that I have a simplified closet. I have a simplified process and morning when I wake up and try to decide what to put on. But I'm going to pay for that simplicity. In time or money. And it's the same in your business. If you want to simplify your funnel, but get the same results. That takes skill. And you either have to learn that skill where you have to pay for that skill. So when I think about the benefits and the costs of simplicity, [00:06:00] yes. I'm into the benefits of it. I'm probably more into the benefits of it in my business. Than I am in my personal life. Like I can live with a messy closet, but I cannot live. With a messy funnel. So in my business, it probably does outweigh the cost the time and the effort also, because I kind of enjoy the decluttering in the business space. So I'm thinking of those benefits versus costs. And then if I think about what is the impact, does it have a positive impact? If I simplify my business, I need to spend less time in my business that improves my life. If I simplify my business, It's harder for things to go wrong. That improves my business positive impact. And then sustainability. I mean, this is the hard one I desperately want to do it. And yet simplicity is probably going to be my word of the year. Again. Because it is a difficult thing to maintain. However I do believe that maintaining it will be easier once I've reached it. It's more I'm in this messy state of trying to go from complex to much simpler. Okay, so you can see how I've taken. Just those four steps. To really think through does simplicity work for me? And you can do the same. I mean, it doesn't have to be simplicity. It can be anything else. The idea here is for you to go into 2024. Clear on what is and is not for you. We spend a lot of time thinking about things that are not for us. What I'm trying to do here is give you a mini framework so that you can quickly do that assessment and rule out anything. That's obviously not for you. And then have a smaller subset that you're like, okay, maybe this is for me. Let me work on it. Coming into January, all the new ideas, all the new business models, all the new things are going to come flying at you. And it can be really hard to stick to what you've decided on. When everything seems new and exciting. So remember. Number one. Does it align with your goals and values? Number two? Does it make sense in terms of a cost benefit analysis? Number three. Does it create a positive impact on your business and your personal life? Number four, is it sustainable over the long term? So if you [00:08:00] feel yourself getting distracted, Oscar self, those four questions. And that should give you a steer on whether the idea, the theme, the strategy that you're seeing from somebody else. Could potentially work for you. And hopefully draw a line through any that are just not for you.