Anatomy of a good idea...
I get ideas all the time and I can’t stop my brain from continually coming up with new ones.
I’ve figured out what stimulates my thinking to come up with new ideas and its a combination of what my eyes see and what my ears here. So for me, its important to put myself in new or different situations with new / different people to see and hear different things. This has been tougher during COVID and various lockdowns in Ontario but courtesy of the web and Linkedin there are lots of options for learning about new stuff.
Putting myself in "intake" mode in and of itself adds to the creative juices for idea stimulation which creates the next challenge for me.
How to prioritize, sift through or otherwise gauge if an idea is worthy of running with and devoting energy or setting it aside. Fortunately, there is someone much smarter than me that came up with a tool to help with his. Dan Sullivan of Strategic Coach™ came up with a tool called The Impact Filter™ which provides a great resource for idea guys like me to slow down, think about some key concepts and ideally come to a conclusion about whether it makes sense to pursue or is it time to drop the idea and move on.
I haven’t yet established the discipline to do this enough and/or apply it every time I have a “great” idea but it increasingly it is ingrained in my psyche and if and when I pull out the Impact Filter™ I know its getting serious.
The Impact Filter™ covers the following;
Project Name of idea / project
Purpose What do you want to accomplish
Importance What is the biggest difference this will make
Ideal Outcome What does the completed project look like
Best Result If I do take action
Worst Result If I do not take action
Success Criteria What has to be true when the Project is completed
A recent example of idea generation for me went something like this...
I was on Linkedin and saw a broker listing a 58 unit apartment building in a market we’re active in. I was able to get the property address from the listing and from that I was able to research when the last sale was (2013) and more importantly who the buyer was.
Given the historical purchase price of $80k / door and market value of say $250,00 / door - presumably the owner is in for a material gain which will be subject to capital gains tax. Why is a “water guy” talking about Capital Gains tax…. #1 reason because its important to the owner and his investors.
The listing also offered that each unit was separately metered for hydro, gas and WATER. This last part caught me off guard because in older buildings it is next to impossible to separately meter for water as the water is distributed by risers and the hot and cold feeds are not easily isolated for separate billing purposes. I am dying to figure out how this was accomplished.
I then researched the owner to see what deals he had been active in as a buyer or seller using a tool that tracks this activity for the past 26 years in the market I serve.
Turns out owner is also a developer and active with some significant projects in this particular market including a student residence building that is right next door to one of my recent projects. I have been struggling a bit with how to best promote this recent project (smart meter on isolated cold water feed to 64 unit - 320 bed student dormitory) and increase awareness amongst others that might have similar problems and/or benefit from our solution. I have initiated a “warm call” to the owner / principal through Linkedin and company website and will go digging for a direct introduction from the Listing Broker.
See listing on LinkedIn from national brokerage firm.
Research database to see who current owner is.
Research historical cost base as compared to proposed market value to gauge size of capital gain.
Send a note to my capital gains guys to gauge interest with his solution for reducing and deferring this (in a market where 1031 is not an option).
Research owner to see what else he has bought and sold.
Google owner and see media activity to learn about his development projects.
Research “completed” projects to learn he developed and owns a building that is adjacent to a recently completed projected.
Reach out via Linkedin and Company Website and share Use Case on neighbouring project to gauge interest level.
In context of the Impact Filter™ and my business of helping owners manage water in their buildings this would look like this…
Impact Filter™ by Strategic Coach™
Projec
Successful Project Replication (Smart Meter Install in Student Residence)
Purpose
Increase sales of this Smart Meter solution in a specific market where learning and experience of recent project can be applied to the benefit of many
Importance
Generate project revenue that leans more heavily on qualified partners that contributed to the initial project. Create time to pursue strategic by-products of initial project which translates into lower insurance costs for owner(s).
Desired Outcome
Create relationships with prospective customers and/or existing that are in the same space and are not aware of the problem and/or solution. Present this idea and/or other water ideas to prospects that are struggling with or challenged by cost containment.
Best Case if Action is Taken
New projects for new customers in existing market where we have proven track record. Get market feedback on priority of water loss as a problem they want to solve.
Worst Case if Action is NOT Taken
Revenue expansion from this new capability (gained on initial project) is not realized. Benefit and awareness of this solution is limited to word-of-mouth and/or relies solely on goodwill of recent client.
What has to be true when the Project is Completed
Minimum of five (5) new engaging relationships with Decision Makers that write cheques.
Minimum three (3) new projects reviewed and analyzed within sixty (60) days of project getting started.
One (1) sold deal with Project Revenue in excess of $50k to be completed by end of Q2.
Two (2) new development projects identified with new Decision Makers to explore ancillary / new technology opportunities.
Minimum one (1) introductory call with Capital Gains partner to share insight with prospect that has recently realized taxable gain greater than $5 million.
Sound good ? There are a ton of strategic by-products that come out applying this approach.
In a perfect world, I am increasingly applying this discipline to
A. get myself out of the weeds of the day to day;
B. regularly identify WHO's in my network to bring in and/or hand stuff of to;
C. regularly engage with more significant ways to support my clients and prospects to help them increase the value they create for themselves and / or their stakeholders
Summary
I naturally am an IDEA guy. A process to support the the review, application and implementation helps me immensely to focus, delegate and ideally help more people with less individual effort. This process also creates accountability with myself and my team to ensure we're clear on what needs to get done, by when and by who.
If you're curious about:
This process and how it works - The Impact Filter
Smart Water Meters from SayaLife and how they might be a fit for your project or
How I have made out with the defined Project of Replicating my success
Reach out to me at bob.langlois@water-controls.com or 416-625-7801
Bob Langlois
Bob.langlois@water-controls.com
Direct: 416-625-7801