As a business owner do you find yourself constantly jumping from one exciting opportunity to another without finishing anything?

If so, you might be suffering from “Shiny Objects Syndrome” – a condition I witnessed firsthand last week when meeting with a business owner whose company was struggling despite their tireless work ethic.

The Shiny Objects Syndrome is the entrepreneurial equivalent of a child chasing after shiny objects. Once acquired, they quickly lose interest and move to the next distraction. For business owners, these distractions can be any new idea that momentarily seems like the path to success.

The business owner was simultaneously working on multiple projects  – not all of which were related to their core business.

The consequences for the business were significant being:

• Missed deadlines and project delays
• Reduced profits and mounting financial stress
• Confused and frustrated team members
• Core customers feeling undervalued
• The business owner experiencing burnout and increased anxiety

As we discussed the syndrome, the business owner had an “aha moment” – recognizing that each of these consequences was showing up in both the business and his personal life!

After this acceptance, our conversation moved to three strategies the business owner agreed to implement when confronted by the next shiny object:

1. Evaluate
   To take time to research that opportunity and reflect on its alignment with the goals of the business. Ask himself: Does this serve my mission and customers? Can I execute it without compromising my existing commitments?
2. Seek Outside Perspective
   To discuss new projects with the team and/or a business coach before diving in. External stakeholders often identify blind spots the business owner will have missed when excited about the new opportunity.
3. Set Concrete Goals and Timelines
   To set well-defined metrics and create a timeline with specific milestones for each project. Include go/no-go decision points to evaluate progress.

The business owner has gone away to implement these strategies, with the objective of eliminating several peripheral projects and refocusing on core business activities. I will check in with him in about a month to see how he’s progressing.