Process for Profit

First, separate your efforts into ones that will not generate new revenue and those that will. Those that will not generate new revenue need a separate process. That separate process is critical to keeping your existing solutions sellable to new customers and existing customer satisfaction high. But efforts that you think might generate new revenue is the focus for the Process for Profit.

Idea

Figure out why you think the idea may generate new revenue. Define the pain in the market and value customers will gain from having a solution to that pain. Figure out if your company has the capacity to solve that problem. Define high level financial costs and likely revenue. Evaluate your technical capabilities. Determine any legal and compliance concerns - all at a high level. You can have quick discussions with each team to make this evaluation. The purpose here is not to get too detailed in the evaluation, but to determine if you are close enough to spend more time getting more details about each. Use common sense to determine if you should keep going with the idea after some consideration, getting advice from each team.

Solution

Iterative. Bring the idea to life by creating a visual representation. You don't want to spend a lot of time making this visual. Use slides or an easy wire-frame tool that you don't need the engineering team to develop. You need quick changes from internal and customer feedback. Show it to customers who are honest. Incorporate the feedback and show them again. Refine the solution. Refine your goals, if needed. Refine the value, the pain, the high level evaluations. You have to be willing to let go of your idea and let it change based on the feedback.

You need to keep at this cycle of feedback and revision until you have something you believe will solve a problem that is large enough to cover your costs to make it. You also need to make sure customers are willing to pay for it. That means, you are solving a problem that the people who decide to spend money will actually spend money - the value is compelling enough to spend money. Be clear: the solution will save cost from compliance fines or punishment, reduce costs (be careful on labor cost savings), generate new revenue.

Business Case

If you did your job well earlier, this is a matter of putting down in a spreadsheet the cost of development over time (monthly or quarterly) and the expected revenue in each month or quarter over time - both during the months that the expense or revenue is expected. That means getting complete commitment and buy in from Engineering when costs will occur and from Sales when certain customers will sign and the amount of the sale. Define other expenses, like admin, commission, taxes, marketing, support. The spreadsheet should reveal the planned profit from the effort.

If the financials reflect something worth pursuing, then the organization commits to the project and prioritizes and schedules it against existing ideas.

Note that you should only adjust resources on previously committed projects after an evaluation of impact on revenue, expense, customer expectations, and employee moral. Going back on your word has a negative impact on reputation and results. If you cannot avoid adjusting committed efforts, address it clearly with customers and your employees, but work hard to avoid it.

Go To Market

Define efforts with the multiple groups within the organization: Sales, Marketing, Engineering, Implementation, Support, Account Management, Leadership, Project Management. Use the expertise from each of these teams to ensure their efforts are prioritized as needed. Use regular communications to ensure accountability and progress. Each team knows how to execute needed plans within their roles. The Product team needs to make sure these teams have what they need to do their job.