Do you have a great business idea? Is your brilliance so stunning that it’s blinding your borrowing sense?
In a recent post by Marla Tabaka she blogged about how to execute great ideas. You know, those ideas that are sure winners in business if only your customers would understand. But when our brilliance is blinding we often make desparate moves to turn our idea into reality. And then we compound the bad decision with debt.
Marla makes a strong case that you should compare your idea or strategy to your vision and mission statements. Is there synergy and a fit with your long term goals? Is it wide of the mark or is it a big picture fit?
Avoid the “big idea” borrowing mistakes with these tips:
- If you are in a lofty position of leadership you might have impaired thinking like a pilot flying high without oxygen. Avoid leadership hypoxia by validating your business borrowing plans with others at a lower altitude in the org chart.
- Animals find their way in the woods by path integration. Business borrowers don’t have that ability so strategic borrowing plans are key to avoiding financial rabbit trails.
- Avoid selling your business potential and profits by calculating the true cost of borrowing from the future to play today.
The “great idea” can consume our energy and cause us to lose track of our true vision. The path we never intended to travel takes us on a winding detour with no guarantee that we’ll end up where we want to go. Don’t leverage your misadventure with borrowed money.
Readers, how did you find your way back after wandering off the trail of your strategic plan?
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