4 Ways To Avoid Shiny Object Syndrome
Shiny Object Syndrome— frequently experienced by entrepreneurs, especially visionaries— is often the hindrance or destruction of small business success.
What is Shiny Object Syndrome (SOS)? In the business world, it has been defined as the tendency of entrepreneurs to start projects based on ideas that seem exciting without slowing down to assess the long-term goals, expenses, or realistic expectations of the projects. These individuals often jump at new trends, products, or technology without proper research. This leads them to not complete previous set goals due to distraction and lack of prioritization, as well as a loss of valuable resources.
How do you avoid SOS?
Remember your purpose. This can come in many different forms for your business: Company Vision, Core Values, Mission Statement, Brand Goals. We refer to it as a Vision Purpose Statement. Whatever name you call it, know what it is and reflect on it often.
Commit to your core. Sometimes when faced with a challenge, we’re tempted to change directions or take the easy road. Resist this temptation. Staying committed to your purpose requires discipline. All business decisions you make need to reflect your core. This includes everything from marketing efforts and new initiatives, to your customer experience and how you treat your team. (Read more about how this lack of commitment can destroy your company).
Use a filter. All new ideas (possibly shiny objects) need to be processed through a filter.
Do your research— is the idea feasible for your company financially?
Reflect on your company vision— does the idea support your overarching goals?
Listen to your team— does your leadership team and trusted employees agree that this new idea is the best use of company resources and will achieve the desired result?
Accept accountability. A large part of being an entrepreneur is ownership—not only of your company and its successes but also the mistakes. Chasing shiny objects will cause you to miss the goals and deadlines you previously set. It is human nature to get off track at times. What counts is that you acknowledge this, take steps to correct the behavior, and avoid it in the future. Accountability can be humbling, but in order to protect company culture, it is a necessity.
Where are you placing your attention?
If you’re constantly seeking something shiny, you’re wasting valuable resources of time, energy, money as well as possibly ruining your company culture. Innovation is not a bad thing when it comes to entrepreneurship. It is vital to success. Each idea just needs to be assessed and processed. Some ideas are going to be worth the effort of implementing. Others will get cut from the list quickly once you remember your focus. Many ideas may be great, but the timing isn’t right. Don’t toss the ideas in the trash, capture them in a file or list. They can be revisited and possibly implemented when the timing is better.
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