Have you ever been working through your day and then, suddenly, a groundbreaking new technology opens the way for you to make immense, easy profit?
We’ve all been there. But before you know it, you’ve spent hours obsessing over how this new idea will transform your industry…
…only for you to look back and realize you’ve seen – and tried – ideas like this a dozen times before, to no avail.
Much like getting distracted by a shiny object, too many new ideas at once can be bad for your business. Especially when you don’t follow through.
Here’s how you can prevent shiny object syndrome:
What Is “Shiny Object Syndrome”?
Shiny object syndrome is described as when someone you know focuses undue attention on a new trend, but drops it as soon as something new appears.
The good news is that it’s very easy for you to recognise it in yourself.
Because as a business owner, jumping from new idea to new idea without giving either proper time and thought, can damage your business growth.
Now, the actual ideas associated with shiny object syndrome can vary, but are usually defined by:
- A new technology
- A new strategy (such as a digital marketing funnel)
- A new service that is trending
How Does It Tank Your Business Growth?
The important thing to remember is that it’s not the idea itself that is bad.
Shiny Object Syndrome is the process of switching focus from one idea to the next constantly that can hamper your growth.
There’s no use chasing a quick buck, because this ultimately leads to a race to the bottom.
As the business owner, you need to be ruthlessly focused only on the top priorities that move the needle for your business. These require your utmost time & attention.
Oftentimes, trying too many new ideas at once can leave you spread too thin, both financially and time-poor.
Now don’t get us wrong: it’s important to try new things for your business – otherwise you would stagnate.
But trying new things needs to be strategically planned.
You must dedicate the proper amount of time to creating an excellent product or service, not just jumping on the trend because it’s popular.
Besides, by the time a new idea has hit the mainstream and you believe it’s the next big thing, you’re already too late. Some competitors will already be trying to use it for a quick buck.
How Best To Avoid Shiny Object Syndrome
The best cure for shiny object syndrome is prevention.
Firstly, diagnose yourself: is this new idea or strategy something that you’ve come up with yourself?
Or is something you’ve seen on social media or YouTube?
Maybe it’s something you’ve seen other people use to get immense success very quickly.
These are good signs that the idea you’re chasing is already past its prime and may not have substance. Instead, it may just be a trend.
Secondly, is this new idea something that you have the time & resources to commit to fully?
Or is this something you’re hoping to just put minimal effort into to get maximum reward?
If any of these are true, you may be facing a shining object.
Trends Are Everywhere: But Accountants Are Eternal
One idea that never goes out of style is keeping your finances in order. This way, you can grow your business faster and to greater heights.
So if you want to grow your finances and free time every week, then call The A Firm today!