SMART goals Archives

Is “Shiny Object Syndrome” Slowing Your Growth?

Having a lot of good ideas is great if you’re an entrepreneur. In fact, your creativity, imagination, and ability to see what others can’t is probably what got you where you are. But is there a downside to having a brain that’s constantly churning out ideas? Unfortunately, if you’re running a business, there might be: you could end up constantly chasing what’s new and exciting for your business, and your core business could fall victim to “shiny object syndrome” (SOS). Let’s take a look at what that means, how it can negatively affect your business’ growth, and how you can avoid it.

What Is Shiny Object Syndrome?

There are certain illnesses or conditions that people tend to be susceptible to, for whatever reason – genetics, lifestyle, etc. And, while it isn’t something that your doctor can diagnose, shiny object syndrome is something that plagues a lot of entrepreneurs, simply because of the qualities that make them unique. If you’re in this special group of people, you’re probably:

Highly motivated
Someone who craves innovation and new developments
Unafraid of starting new projects
More likely to attempt to bring an idea to life

All excellent qualities, right? But the dark side of these qualities can lead to shiny object syndrome, which is marked by a tendency to:

Become distracted
Lose interest in a project and go after something else that captures your attention
Start projects based on ideas without properly assessing the long-term goals, feasibility, and sustainability of the projects, which in its most extreme form can stop you from completing anything
Feel a sense of guilt that compels you to chase something that might just around the corner, and is bigger, better, and more exciting to work on
Get overwhelmed and stressed out by how many projects you are in the middle of

All of the above are the essence of SOS. Suffering from it means that, instead of focusing on the big picture tasks that fuel your business’ growth, you’ll end up getting side-tracked by a new business idea or project that feels new and exciting, similar to a child who gets distracted by every “shiny object” they see. But for you, it won’t be a shiny new toy that you’re chasing, but things like business objectives, marketing strategies, clients, or even other business ventures.

How Can Shiny Object Syndrome Affect Your Business?

We’re not saying that wanting to update your business and keeping your eye out for interesting possibilities are necessarily bad goals. But uncontrolled shiny object syndrome can, unfortunately, be a real growth killer. Jumping from project to project, not completing projects, or being unable to focus can lead to some serious consequences, like:

Wasted resources – Research has shown that entrepreneurs who jump too quickly into new ideas without thinking them through end up costing their companies thousands of dollars in resources, time, and productivity. Think about it this way: unfinished projects won’t make you the money to pay back their costs. Your business could also suffer from wasted opportunities, because these dead-end projects waste your time (or the time of your employees) when you could be working on more productive endeavors.

A hit to your health – Constantly worrying that you need to chase the next “shiny object” (otherwise known as fear of missing out, or FOMO) can lead to stress, fatigue, and sleep issues.

A confused and stressed staff – You’re not the only one who will be affected by constantly switching between goals or business directions. If you have a team, they won’t be able to keep up with the changes, their workflow will constantly be disrupted when they’re forced to learn new things, and they will see their goals become unpredictable and even irrelevant. This could eventually lead to stressed out employees, who are less loyal and productive. In fact, 41% of employees say that switching between goals in this way is a leading cause of workplace stress.

Poor planning and directives – If you’re constantly jumping from plan to plan, you’ll never stick with a plan long enough to properly test it. And even if something does work in one of your new plans, you won’t actually be able to put your finger on why it worked. There simply won’t be enough data to model from if you’re switching things up week-to-week.

What Can You Do to Avoid Shiny Object Syndrome?

So if shiny object syndrome is so dangerous for the health of you, your staff, and your business, what can you do to beat it? Try the following strategies:

Understand that you’re prone to it – Yes, the first step is to know that you are prone to it. Once you’ve done that, sit down and assess the way you work, and focus on the strengths that you can build on.

Ditch the FOMO for proper planning – Once you’ve assessed your work style, you have to get better at assessing the potential of all of those shiny things that cross your path. Sometimes you do need to jump on an opportunity, but before you do that, stop! Assess the potential impact on your workload or business, and be objective about it. Doing so will help you identify whether the product or service will be helpful to you or your business and improve decision-making. You might also want to test out your idea, whether it’s a new product, or a new service like an online workshop. Remember: not every trend is the next big thing, so don’t operate your business based on the FOMO model!
Know your goals and what matters for your business – Similarly to assessing each idea to see if it’s really right for your business, you also need to assess your business’ goals to know if your new ideas fit in with them. Try using Warren Buffett’s three-step exercise for being more in tune with your goals:
- Make a list of your top 25 goals
- Review this list and pick your top 5 goals from the total 25 goals
- Start working on the top 5 goals list

As for the remaining 20? Warren suggests you ignore them like the plague. This is your ‘avoid-at-all-costs list.’

Other experts recommend another exercise for focusing on what really matters in your business. Determine what 1% of your business produces 50% of your results and work on that for a few hours every day, without any other outside distractions.

Remember, if you’re jumping from shiny object to shiny object, you’re going to have a hard time sticking to your core goals, so be very careful how you start branching out. two hands shaking with words of communication and teamwork on them

Communicate with your team – It’s important to sit on ideas before you act on them, but it’s also important to talk to your team members about them before you make any moves. Ask them what they think, and listen to their perspectives, concerns and needs. Talking to them might help you realize when you’re moving too fast, and if you do decide to go through with your decision, they’ll be happier with your decision, since you came to them first.
Set goals – and don’t abandon them! – Every project you take on should have clear short- and long-term SMART goals, with projections on how long the project should take, and shorter term milestones that can keep you and your team focused. And unless there’s a serious change in circumstances or finances, stick with each project until you reach your goals.

Don’t forget the little things – There are also a few more little, practical things that will actually go a long way in helping to fight SOS, like:

- Limit your time on social media (it lies!)
- Give yourself a limit on the number of projects you can take on at a time
- Make a checklist of all of your successful projects, as both an incentive and a roadmap to further success
- Get comfortable with your niche, and know that it’s your true calling

Shiny object syndrome is a productivity and growth killer, not to mention a drain on you and your employees. While it’s great that you’re just bursting with ideas, the next time one (or two, or three) hit you like a thunderbolt, don’t rush into anything! Stop, breathe, and ask yourself all the questions that need to be asked so you can determine if the idea is worth your time and resources, and if it fits into the bigger picture of your business’ goals. You CAN take control, so if you’re feeling overwhelmed and distracted, use the tips above to help you get more focused and productive.

End of the Year Stress? How You Can Wrap This Year Up Right for Your Business

Can you believe that 2021 is almost over? Nope, we can’t either. But, as the owner of a small business, you’re probably worried about more than just how quickly time seems to be passing at this time of year. As Q4 comes to a close, you’re probably thinking about – and maybe stressing over – whether your business performed as well as it could have over the past year, where you stand right now, and how you can set yourself up for growth in the new year. And while we can’t promise simple answers or solutions (wouldn’t it be great if the business world was simple?), what we can do is lay out a checklist that will help you find the balance between looking back over the last year and looking forward to the new – no stress necessary!

1. Take a Step Back – and Celebrate the Year’s Wins!

This first step might not seem like the most practical bit of advice on the list, but it is so necessary to actively stay engaged with and excited about your business, otherwise stress and doubt can really hamper your ability to move forward. The sad fact is that many entrepreneurs never feel truly successful, and many are plagued by stress. According to a Gallup-Healthways Well-Being Index, 34% of entrepreneurs – 4 percentage points more than other workers – reported they were worried, and 45% of entrepreneurs said they were stressed, 3 percentage points more than other workers (and that was pre-pandemic!).

So, before you move on to the next steps on the list, take a moment (or more than that, ideally) to not just give yourself a little pat on the back, but actually list the successes of your business for the year, no matter how big or small. Then reward yourself with something that makes you feel good. If this step seems optional, and easy to skip, you might want to rethink things, or you could be facing some serious burnout in the new year.

2. Do Some Serious Analyzing

If you’re worried and stressed, take a breath and start asking questions to focus on what’s really important for the health of your business, and what it is that’s keeping you up at night. Are you not growing at a rate that’s appropriate for your business? Are your expenses outstripping your revenue? Are you acquiring fewer customers than you did last year?

Where do you go from the question-asking stage? Well, if you’re going to really understand what worked and what didn’t last year, and what needs to happen in the new year, you’re going to need to do some number crunching. Before you do that, though, figure out what’s really important to your business, and what you should be looking at. In other words, separate out the actionable metrics for your business from the vanity metrics, or the less meaningful things such as likes and subscribers.

So which metrics should be most important to your business? Well, you can look at some or all of the following, remembering it’s always better to calculate year-over-year growth rates for these metrics (instead of looking at just one period in time):

Revenue
Expenses
Number of customers
Average customer value (for the year)
Average length of time that you keep your customers
Lifetime value of a customer
Click-through/conversion rates on email newsletters
Conversion rate from lead to paying customer

Remember, these are meant to be actionable metrics, so learn from these numbers, and make a plan of action based on them to keep doing what you’re doing right, and change course where things are going wrong.

3. Get Some Outside Help

calculator next to some papers — *Consider hiring a financial advisor to help wit financial statements and taxes.*

Now is a great time to meet with a financial professional, like an accountant or bookkeeper, so you can get some help reviewing financial statements, and can ask all your tax-related questions (like about deductions, for example), You can also work out a timeline for your tax deadlines (you might want to pay taxes on a quarterly basis, for example).

In addition, if you’ve been thinking about getting some help for your business, now is the time to finally keep that resolution, especially if you’re starting to feel physically and emotionally burnt out. If you’re looking to hire full-time employees, now is a great time to get your ads and paperwork ready. Or, it might be less stressful for you to consider outsourcing as an alternative to hiring full-time employees – or doing everything yourself. You can outsource any number of tasks, including web security, payment processing, and even email management. You might think you can save money by trying to do everything yourself, but more often than not, you just end up saving neither time nor money, and you end up with a not-so-great result.

4. Get Social

Having a strong social media presence is so important for most businesses these days, but that does mean a lot of upkeep, or you could be doing more harm to your brand than good. If your social media accounts aren’t doing you any favors, revisit them now so you don’t have to stress about this aspect of your digital marketing next year. For example, head to your Twitter account and change that months-old tweet that’s pinned at the top of your handle, refresh your Facebook cover images, or actually start using your Pinterest account!

5. Take Stock, Literally

Worried about having too little or too much inventory left over from last year? Or, if you don’t sell physical products, are you worried about whether you’re focusing on offering the right services? Use this time to literally take stock (or evaluate what services were most popular), and do some ruthless paring down, so you can focus on what sells, and what is just taking up your time and money.

6. Set Some Goals for Next Year

Once you’ve done all of your analyzing of the past year, it’s time to look forward to next year. How should you do that? Start with the practical, if tedious, stuff, like:

Gather your tax documents to be on top of tax season, including bank statements and financial reports, proof of business expenses, mileage logs, and 1099 forms
Renew any licenses that need renewal
Revisit vendor agreements to see if any changes are necessary
Talk to your landlord about your lease, and see if you can do any renegotiating

After that, it’s time for some bigger-picture thinking: it’s time to set some goals for the next year. But that doesn’t mean creating a laundry list of tasks with no clear focus; rather, you should be focusing on setting SMART (specific, measurable, achievable, relevant, and time-bound) goals that put you on the road to growth. For example, making a SMART goal would mean that, instead of saying you’d like to grow your revenue by 20% next year, you might say, “By the end of next year, I want to hit $X in revenue from acquiring X more customers than we did this year, and upselling X% of existing basic customers to our more premium plan.”

So, take your actionable metrics from above, and choose the four most-impactful ones that you can emphasize in the coming months, one for each quarter. Then publicize these goals within your team and make plans to evaluate your progress on a monthly basis, to keep you on track.

We know it’s easy to put all of this important stuff off when you’re in the weeds of your business’ day-to-day operations, but analyzing where you’ve been and planning ahead for where you want to be going are vital for the success of your business. So instead of stressing at the end of the year, take a firm hold on the reins, get done what needs to be done, and celebrate making it through another year, so you can be energized for the year to come!

Be SMART When Setting Your Goals

Setting goals for yourself and your business is always a great idea, but some goals are better than others. It’s not enough to have good intentions for a positive end result, you need to be able to clearly define and articulate the progress you want to make.

This is where the idea of SMART goals comes in. The concept behind SMART is that goals work best when they are Specific, Measurable, Attainable, Realistic/Relevant, and Timely. Using this acronym to help define your business goals can transform a fuzzy, vague hope into a clear and strategic plan.

Specific

Specific goals are clear, well defined, and leave no room for interpretation. You will know when they are completed, because you know what steps you need to take to achieve the goal. When defining your goal, ask yourself the W’s: Who is involved in this goal, What do I want to accomplish, When/Where is this goal going to be achieved, and Why do I want to achieve this goal.

For example, instead of saying, “I want to be more productive”, you can set a goal of “I will finish creating the targeted ad campaign by the end of this month so I can begin to publicize it”.

Measurable

Measurable criteria is critical for effective goal setting. This helps to define the incremental steps you must take to determine your progress. To make a measurable goal, ask yourself about a specific quantity or other set of criteria you want to attain, and how you’ll know that you’ve reached your goal.

For example, instead of “I will make more sales this month”, try “I will complete 10 sales this month, following up on five leads a week until that goal is met” .

Attainable

SMART goals must be achievable, but still challenging. You don’t want to set a goal so lofty that you’re bound to fail, but you do want to have goals that push you forward. When setting your goals, ensure they’re achievable by asking yourself if you have the resources and capabilities required, or the ability to get these things. If not, it might be time to reevaluate your goal.

For example, instead of saying “I’m going to provide the best customer service ever” (which is not attainable, measurable, or specific!), try “I am going to hire an intern to improve my customer service” – or, if that’s not feasible, “I am going to block off X hours a week to respond to customer service inquiries”.

Realistic & Relevant

Goals must also be realistic. Think about your time frame and resources. It is admirable to want to hire an intern, but do you really have the time and energy to supervise a new employee?

Relevance is key to staying motivated. It brings you back to why you’re setting your goal. Are you focusing on customer service because you have received negative reviews? That’s a great motivating factor, and will help keep you on track to meet your goals.

Timely

This is an important part of goal setting, but it is often overlooked. Goals should have a timeline that is clear and defined, with both start and end dates. These parameters help create a sense of urgency that will inspire you to keep working toward your goal.

Instead of “I will file my paperwork on time”, try “I will file all of my paperwork by the 25th of each month”, or “I will spend 20 minutes each day filing paperwork”.

Goal Getter

Goals are like a to-do list. They should be revisited often, updated to reflect your current priorities, and offer clear steps to accomplishment. By using the SMART goals format you’re setting yourself and your business up for a smart, strategic plan for success!

Tag: SMART goals