19 Jul Stop Chasing Shiny Objects and Focus on Your Core Business
Stagnation is the enemy of progress and growth but chasing after every opportunity that comes your way can be just as detrimental to your business. I have a name for these myriad choices that appear like opportunities but in most cases are distracters: shiny objects.
When I ask leaders where they expect their future growth to come from, quite frequently I hear the response, “we have so many opportunities for growth that it’s difficult to stay focused.” Therein lies the rub. Most opportunities are simply mislabeled as such and end up using up valuable time, money, and people resources within organizations. These shiny objects are difficult to choose between because no filter is in place to help evaluate the difference between them and an actual opportunity that the business should go after.
Here are four questions you can ask yourself that will act as a filtering mechanism to differentiate between shiny objects and opportunities:
What are the realities of our business today? We’re taking facts, not opinions here. What is our SWOT+V: break down our strengths, weakness, opportunities, threats, and vulnerabilities? In case you’re wondering, the difference between a threat and vulnerability is that a vulnerability can take your business its knees whereas a weakness is an area where we are not able to compete readily against our competitors. This question can only be answered properly in a culture of candour – a culture where the truth is spoken and can be heard. As difficult as it can be for a senior team to face up to the shortcoming of the business, it’s the only way to truly create a solid plan for the future.
What are the simple, underlying patterns, hidden in the complexity of our business, that make us great at what we do? If we were to capitalize on our greatest strength, what can (not want) we become world class at and as a result we can we not be world class at? What is the single denominator in the key economic equation for our business success, usually stated as “profit per X” [Good to Great, by Jim Collins. New York: Harper Collins Publishers, 2001]. Finally, what does our business stand for that we are truly passionate about?
Do we have access to the resources of money, people, and time? Many a great idea has been stalled by a lack of access to, or an underestimation of, resources. Passion without the ability to execute is daydreaming. For each opportunity before you, review the necessary action steps and time frames that would be required to reach the end goal. Then take stock of the budget required to support these action plans. Finally, determine whether or not you have the right people in your organization to tackle the necessary action steps, or whether you have the ability to hire from outside the business.
If I say yes to this, what am I saying no to? With limited resources available executives need to learn the skill of appropriately, with purpose and clear communication, stopping a project from moving forward, or preventing one from even getting off the ground when it does not fit within the strategic framework. Resources misallocated to objectives that should have died on the vine are being taken away from the core opportunities that will help create a more compelling future for the business.
As a leader, working through the answers to these questions with your team to distill down to the core opportunities you should focus on is far more compelling and inspiring than the alternative – reacting by gut feeling to initiatives that you don’t feel fit the business, without having a clear reason why. The difference in the engagement level of your team will be huge.
hollymacdonaldPosted at 08:10h, 19 July
Great post Mike – I like the statement “passion without the ability to execute is daydreaming”. I agree with you 100% on shiny object syndrome. I even wrote a tongue-in-cheek blog post about it awhile back: http://sparkyourinterest.wordpress.com/2010/05/19/big-shiny-object-syndrome/ – but yours is much more practical!
Karley CunninghamPosted at 09:40h, 19 July
Great topic! Just had interesting and thought provoking discussion about this the other day, main premise was:
In our (North American) society we are taught to want everything. We aren’t taught to choose, or the skills that requires. Or even that there are benefits in choosing.
mariaPosted at 16:50h, 19 July
Thanks for the reminder….great points and love the title!
cna classesPosted at 19:36h, 20 July
I’ve recently started a blog, the information you provide on this site has helped me tremendously. Thank you for all of your time & work.
RyanPosted at 08:08h, 28 July
There are several examples of how companies that stick to their core like Circuit City, Sun and Sears end up in a tailspin. How can we defend against this? Check out this posting from Forbes and see what one of their columnist has to say:
Maurice GouletPosted at 07:23h, 13 August
Great post! Title and introductory paragraphs are perfect, and the content is concise and useful.
My company is now chasing our shiny object in new markets and I was warned by mentors about knowing the things I’d be saying no to since time, money and people are already stretched.
Mike DesjardinsPosted at 11:04h, 19 August
I appreciate the feedback Maurice. There’s a great concept in the book The First 90 Days called the STaRS model which describes how the best place from which to start looking at “shiny objects” is from sustained success. From there treating the shiny object exploration as the move to a new start-up branched off from the business helps to realistically monitor the people and financial resources devoted away from the mothership.
Mike DesjardinsPosted at 11:06h, 19 August
Thank you for posting a contrarian view point. It points out the caveat to my argument that described in part in the book The First 90 Days called the STaRS model. It describes how the best place from which to start looking at “shiny objects” is from sustained success. From there treating the shiny object exploration as the move to a new start-up branched off from the business helps to realistically monitor the people and financial resources devoted away from the mothership.
Julie-AnnPosted at 18:52h, 25 August
Great post with excellent insight. In this time of economic strife, many companies are better served by focusing on what they do best to maintain their existing customer base and grow it even further. As this article points out (http://www.upyourservice.com/learning-library/customer-service-guarantees/preserve-the-loyalty-you-deserve), companies that do something well and do it right tend to succeed with repeat business. Companies that spread themselves too thin can pay in the long run.