I had so much feedback on my post last week that I thought I’d follow up with some additional thoughts on prioritization. If you didn’t see the post, I suggested you start to prioritize tasks by sorting them into the following categories:
- Low Impact/High Cost – These are the projects that require huge amounts of time, energy and money and have little impact on your long-term business. Kind of like those weekly fencing lessons for the kids – fun to watch but it’s not going to get them into college.
- Low Impact/Low Cost – These projects have little impact but at least they don’t cost much! It’s like the exercise video you bought on sale and used once. Don’t bother.
- High Impact/High Cost – These are the things you dream about. The family trip to Hawaii. The backyard pool. High impact but high cost. Worth doing, but make sure you plan – and budget – ahead so you can really implement them.
- High Impact/Low Cost – Bingo! You’ve hit the jackpot. It’s the $1 winning lottery ticket. These are the things to focus on first. High impact to the business but relatively easy to implement.
If you’re struggling to sort your tasks, here are some questions you can ask yourself to help decide the categories in which they belong:
- Should be doing this task right now?
- Will the task bring me money if I do it right now?
- Is the task necessary to my business?
- Do I want to do this task?
- Do I have to get it done?
- Can someone else do it instead of me?
- Can someone else do it better than I can?
- Is my failure to do it affecting someone else’s ability to get something done?
- Is it affecting my ability to get another task done?
- What would happen if I didn’t do it at all?
- What will it cost me if I fail to do it?
Can you think of other questions we should be asking? If yes, please comment or send them to me at email@example.com and I’ll include them in a later post.