Beware the Shiny Object
I was watching Charlie Rose on PBS several years ago. His guest was Apple CEO Tim Cook. He said something I had to write down. In answer to a question about how they decide what products to develop, he said:
“It’s easy to add, it’s hard to edit. It’s hard to stay focused. The hardest decisions we make are what not to work on. Yet we can only do our best work if we stay focused.”
In that quote is an important idea about business growth and profitability. In our quest for more business, it’s easy to pursue targets of opportunity that don’t fit our core competencies, aren’t aligned with our brand and don’t serve our ideal clients. In short, we think all business is good business and take anything that comes along. It’s hard to focus only on what we do best and only for our ideal clients in a world that offers all sorts of business choices.
Although not an original thought, I refer to this tendency to pursue types of business that are, at best, distractions, as “shiny object syndrome.” And most of us have gone after a shiny object at some point, only to discover later that it cost us time and money.
What is a shiny object?
- You accept some kind of a partnership that doesn’t match your values or culture because you saw the possibility of new business.
- You’re growing quickly and getting noticed, and find yourself with a great many “opportunities” that don’t match your original vision for your company.
- You have a plan to create a business doing one thing because it fits your values, interests and competencies, and then take on a line of business that has nothing to do with the original plan because it offered some quick revenue.
If you have found yourself chasing shiny distractions, join the club. There certainly isn’t any shortage of unprofitable business activities that can divert our attention. That said, we’re not doing ourselves any favors when we give in to pursuing “opportunities” that don’t fit our vision and values, aren’t part of our core plan, and don’t generate adequate profits.
Is your business getting these 8 essentials right?
Take the Assessment to Find OutSo what to do about it? Here are some suggestions.
- Have a vision and mission for your business. To many people, developing a mission and vision for their business seems like useless fluff and a waste of time. However, if taken seriously, having a mission and vision for your business can serve as a framework for decision making when it comes time to make strategic decisions. Decide to only take on opportunities that fit your vision and mission.
- Have a well thought out business plan that addresses your ideal market and pursue those types of marketing activities that you feel will be effective in growing your business in that market. Execute that plan instead of shooting from the hip. You’ll save time and money.
- Learn to say “no” and walk away. Just because you can take on an “opportunity” doesn’t mean it’s the highest and best use of your time, or best and most profitable direction for your business. Be intentional in the direction you take your business.
- Ask yourself what taking on an “opportunity” might mean five years from now. How will it affect the longer term direction, success and enjoyment of your business? Are you creating the business you want? How much stress will this new business cause you?
- Do the math and the analysis. If you pursue the opportunity du jour, how will it affect your overall profitability? Are you taking into account all the costs in pursuing the opportunity? What is the opportunity cost of pursuing this “opportunity?” That is, what are you giving up in order to pursue this new business? How will this affect your existing business?
You can only do your best work if you focus on what you do best for those whom it is best suited (your target market). Your business will achieve the most success when it serves the market that appreciates and can pay for what you do best. The best partnerships are ones that align with your mission, vision and values. Stay focused. You will make more money and experience less stress.
