Stop Chasing Shiny Objects
In the past week I had a conversation with a business owner whose business is performing well and had a plan in place to grow the business in 2022.
It was only a month into 2022 when another product offering caught his eye. As a result, he put the wheels in motion to launch this new product offering.
Right when he was in the thick of that process, he became convinced a software program he had heard about would seriously improve the operational efficiency of the business. Having just signed up for that software, he felt the need to finalise a book about the lessons he learned from his journey in business.
In our conversation, the business owner expressed frustration the plan he had in place for 2022 had gone off the rails and he felt out of control and overwhelmed by what needed to be done.
In response, I pointed out he was suffering from the Shiny Objects Syndrome.
The Shiny Objects Syndrome is the entrepreneurial equivalent of a child chasing after shiny objects. Once the child gets the shiny object in hand and sees what it is, they immediately lose interest and start chasing the next shiny object. For business owners, the shiny objects can be anything related to the business that in the moment the owner believes will help the business to thrive.
Here are three strategies we discussed to help him overcome this syndrome and get the business back on course:
- Take time to research each project and reflect on its possible impact on the business
- Discuss the project with your team/business coach and listen to their thoughts and perspectives
- Put in place well defined goals for the project (both short and long term)