𝗛𝗼𝘄 𝘁𝗼 𝗖𝗵𝗼𝗼𝘀𝗲 𝘁𝗵𝗲 𝗕𝗲𝘀𝘁 𝗜𝗱𝗲𝗮𝘀
Updated: Oct 18, 2021
Startups are often ripe with ideas but they are hard to prioritize, like comparing apples and oranges. If both are refreshing and healthy, which fruit do you select?
“People who can focus, get things done. People who can prioritize, get the right things done.” – John Maeda
With limited resources, it's tough to choose which ideas to pursue. Here's how to select the juiciest ones:
𝗚𝗼𝗮𝗹𝘀. Start with clear, measurable company goals for the year. Whenever there is confusion, revert to the discussing which ideas will support your goals best based on cost and benefits.
Determine who will suggest, evaluate, and rank ideas
Ideally, select a small group of 3-5 people (or break a larger group into committees)
Describe what will success look like in 3-6 months
𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻. Decide feasibility using these criteria:
𝘐𝘮𝘱𝘢𝘤𝘵 𝘢𝘯𝘥 𝘋𝘦𝘵𝘳𝘪𝘮𝘦𝘯𝘵 – What do clients, company, team, and individuals stand to benefit and to lose?
𝘙𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘖𝘱𝘪𝘯𝘪𝘰𝘯 – Which resources, experts, & team members will provide useful guidance? What can go right and go wrong?
𝘌𝘹𝘱𝘦𝘳𝘪𝘮𝘦𝘯𝘵 𝘢𝘯𝘥 𝘔𝘪𝘵𝘪𝘨𝘢𝘵𝘦 𝘙𝘪𝘴𝘬 – How can you initially test an idea within a limited context (to minimize any potential risk)?
𝗥𝗮𝗻𝗸𝗶𝗻𝗴. Apply these criteria to measure how each idea helps reach company goals faster, stronger, and better.
𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻. Choose the desired outcomes, milestones, and metrics and measure progress on a specific date.
𝗙𝗲𝗲𝗱𝗯𝗮𝗰𝗸. Rely on your success criteria from before to determine progress. Depending on the impact of the idea, set times to review. Many good ideas initially end up becoming weaker (less applicable) over time, even to the point of being distractions, so it's important to revisit them on a regular and critical basis.
Refine your own selection process over time, incorporating feedback to improve speed and success. You don't want to get caught up in deliberation (just like you can't eat only fruits), but some great ideas will foster growth.
If your company is full of more ideas than resources to implement them, invest time to prioritize which proposals to pursue.
Finally, engage the team to compare and consider ideas will build commitment, generate innovation, and bear fruit as you focus on the right ones.
Photo by Tom Grünbauer who can be found here: https://bit.ly/3FYXB1F