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Now That's a Shiny Object

August 28, 2017

I just washed and waxed my black Jeep Wrangler this weekend, and yes, it’s shiny.  But that’s not the type of shiny I’m talking about.  In the picture; is that real gold or fake gold?  Shiny objects in the business world are, really, enticing opportunities.  These opportunities can be good or bad, big or small, and could take your business to the moon or to the dumpster.  Unfortunately, not every idea is worth pursuing right away or ever.  So how does a company maintain the balance of keeping these crazy ideas coming in and not killing today’s business?

 

Create a small team (usually a subset of the executive team) and have all these opportunities funneled through this group.  Here are a few things to consider:

  • Does it fit with your core values?

  • Does it fit with your core focus?

  • Does it align with your short-term or long-term goals?

  • How big is the opportunity?

  • How much of a disruption will it be to your existing business?

 

Think of your business as a well-oiled machine.  This well-oiled machine should be very efficient and producing at optimal levels with good profit.  If it’s not, then you have a problem that may compromise the future of the business.  If your business is running well, then it’s very important to keep outside influences to a minimum.

 

Keep in mind, many times the CEO is the one bringing in the biggest ideas.  These can be very rewarding but could also be very destructive.  Having a good process, and a strong team, that takes egos and titles out of the equation is a great way to make the best decisions.

 

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