A few years ago I wanted to shed a few kilos, and get fit for a cycling holiday. Piece of pie I thought. I would be incredibly disciplined, focus on both goals and pull this off in no time. Unfortunately, reality hit when my dietician at the time informed me that I should be prioritising. Lose weight or get fit, which one would I like to achieve first?
This principle can be applied to business too. Think about your main business goals. Have you prioritized them or are you trying to provide equal focus and attention on all of them at the same time?
The problem with not prioritising is that there is a risk of objectives clashing with each other. This could result in time being wasted in decision making, internal conflict, employees getting frustrated or confused and you land up not achieving anything.
Say you have selected four or five main objectives for the year, and increasing sales and product innovation are two of them. Before drawing up your action plans you should confirm how your resources will be split up to achieve these objectives. You likely have funding constraints and therefore resources must be allocated strategically. So should you focus on increasing your sales first, or will you place the focus on research and development for product innovation?
If you decide that innovation is your first focus, you will acknowledge that sales growth will need to come in at second place. Why? Your resources, such as money, time and people will be directed to innovation and development. Not to say that sales growth is not important, but by clarifying which objectives take priority and therefore the bulk of the resources, it ensures that everyone is reading off the same page. This in turn allows for your team to have laser focused attention for the selected timeframe, which saves time, money and relationships.
Define your objectives, clarify their importance, develop your action plans and assign your resources.