Compliments of Brendon Burchard. Brendon Burchard's Big 10. Many of the
world's largest organizations and greatest leaders use a similar framework to ...
Opportunity Evaluation Worksheet Compliments of Brendon Burchard Brendon Burchard’s Big 10 Many of the world’s largest organizations and greatest leaders use a similar framework to evaluate new business ideas—though most don’t know it or use it consciously. Below are questions Brendon Burchard summarized after nearly a decade of high-performance leadership and partnership consulting. People, partners, and sponsors are evaluating your ideas and seeing if those ideas make sense for their organization. What questions are they asking? What do they want to know? See below for the answers! We recommend using a scale of 1-5, with five being a great idea, to help assess your idea. If an idea doesn’t score a minimum total of 40 points through the lens of these 10 questions, it will likely lose. All potential business partners look and your idea and wonder….
1. Does this idea offer a clear, sizeable and near-term value proposition to us? (Will our people clearly see and benefit from the value AND will there be a substantial and immediate interest from our consumers?) 1 2 Bad Idea
3
4
5 Good Idea
2. Does this idea solve a real problem elegantly? (Is this a simple and straightforward solution that requires few explanations and hassles?) 1 2 Bad Idea
3
4
5 Good Idea
3. Does this idea fit within our brand strategy and our strategic priorities? (Is this in line with who we are and where we’ve already aimed our organization this year?) 1 2 Bad Idea
3
4
5 Good Idea
4. Does this idea fit naturally within our culture? (Will people accept and own this idea as part of who we are, or is it a total stretch that will take years to integrate?) 1 2 Bad Idea
3
4
5 Good Idea
© 2008 The Burchard Group LLC. All rights reserved. The Burchard Group LLC | 2065 NW Miller Road #102 | Portland, OR 97229 | 800.816.8528
5. Do we have the ability to truly measure and quantify the benefits and results of this idea? (Can we monitor, manage, measure, and make reports on our progress so we can see if we’re “winning”?) 1 2 Bad Idea
3
4
5 Good Idea
6. Does this idea meet our ideal for ease of implementation? (Can this idea be easily, effectively, and efficiently implemented in a time frame that makes it worthwhile given our organization’s real constraints?) 1 2 Bad Idea
3
4
5 Good Idea
7. Does this idea help us achieve differentiation in the marketplace? (Is this idea new, bold, and different enough to help us become more distinct from our competitors?) 1 2 3 4 5 Bad Idea Good Idea 8. Is this idea “user friendly” for our new and current customers? (Is this idea easily adoptable, consumed, and accepted by our core customers?) 1 2 Bad Idea
3
4
5 Good Idea
9. Is this idea testable and scalable? (Can we try this idea as a pilot or in “bits” before swallowing it whole? And if it works, can we scale it fast and gain new business this year?) 1 2 Bad Idea
3
4
5 Good Idea
10. Will this idea make our work more fun, cool, passionate, and fulfilling? (Will this idea generate true enthusiasm and leave a lasting sense of accomplishment?) 1 2 Bad Idea
3
4
5 Good Idea
TOTAL: _______ Note: If the total is not a minimum of 40, the opportunity will likely garner a “pass.” Source: © 2009 The Burchard Group LLC. All rights reserved. Do not duplicate or distribute without written consent from The Burchard Group. For permission requests, contact us at the address below.
© 2008 The Burchard Group LLC. All rights reserved. The Burchard Group LLC | 2065 NW Miller Road #102 | Portland, OR 97229 | 800.816.8528
BONUS! Brendon Burchard’s Ultimate Business Formula (For Entrepreneurs) Entrepreneurs must evaluate opportunities in a slightly different way than traditional organizational executives because they often have fewer cash and human resources. (And their brand, business, and financial future lay closer to their vest). At the same time, entrepreneurs often need more intuition to guide their decisions, and they tend to have a greater upside in terms of lifestyle change when they discover a great idea than someone trapped in an org chart. So how do entrepreneurs informally and intuitively measure opportunities and keep in mind their personal assets and sanity at the same time? Try this formula developed by Brendon Burchard:
TERMS < ROI + FB + PD + L Time + Energy + Resources + Money + Sanity Must be LESS THAN the Return on Investment + Future Business + Personal/Professional Development + Lifestyle potential
In short, if the opportunity requires more time, energy, money, and sanity to pull it off than it delivers in upside benefits as ROI, future business, personal growth, and lifestyle change, then it’s not a good idea. Below are common questions to help you evaluate opportunities within this framework. 1. How much time will this idea take to a) understand, b) communicate, c) train, d) execute, and e) receive results from? 2. How much of my personal energy will need to be invested in this idea, and do I have the emotional and physical bandwidth right now to take it on? 3. How much of my personal and businesses’ resources will need to go into this? 4. How much money will it take to acquire, implement, and sustain this idea over the next three years? 5. How much of my sanity will be wrapped up in this? How big of a hassle is this for me right now? And if it fails, what would that mean to me? 6. What’s the real expected return on investment with this idea and is it worth it? After all expenses are paid, what’s the real net dollars coming back to me for this investment over the next year? 7. What’s the estimated future business value this idea will generate after the ROI and is it worth it? How much money will this idea be making me in three years? Five years? Ten? 8. Will implementing this idea tap into my passions and fuel my personal development as a person and an entrepreneur to make it worth it? Will I feel a greater sense of enthusiasm and meaning for doing this? 9. Will my lifestyle, both at home and at work, improve enough to make implementing this idea worthwhile?
Source: © 2009 The Burchard Group LLC. All rights reserved. © 2008 The Burchard Group LLC. All rights reserved. The Burchard Group LLC | 2065 NW Miller Road #102 | Portland, OR 97229 | 800.816.8528
