How to Deal with Shiny Object Syndrome and Focus on Money-Making Priorities
Hello, entrepreneurs, service providers, coaches.
Today on the blog and podcast, we're diving deep into a topic that hits close to home for many of us: Shiny Object Syndrome. This issue is especially prevalent among driven, passionate entrepreneurs and creatives who constantly get distracted by new and exciting ideas or trends.
One community member, Jess, perfectly encapsulated this struggle: "I just need some outside opinions to help me get outside my own head and help me stop shiny object syndrome. I can help others easily but doing it for myself is a different story."
If you’ve been feeling the same way, you’re not alone. Let's explore what Shiny Object Syndrome is, why it’s a problem, and how you can overcome it to focus on your money-making priorities.
What is Shiny Object Syndrome?
Shiny Object Syndrome is a common issue where entrepreneurs and creatives get distracted by new ideas, tactics, and platforms, abandoning their current projects in favor of pursuing the latest "shiny" opportunity. This leads to a lack of focus and consistency, resulting in unfinished projects, wasted resources, and ultimately, a lack of progress toward long-term goals.
Why is Shiny Object Syndrome a Problem?
Exhaustion and Frustration: Constantly jumping from one idea to another is tiring and often leaves you with nothing to show for your efforts.
Lack of Progress: With many unfinished projects, you end up not achieving your long-term goals.
Distraction from Core Goals: It diverts your attention from what truly matters—sustainable business growth.
The Power of Focus: Lessons from the Experts
Lessons from "The 12 Week Year"
Setting Clear, Short-Term Goals: Instead of planning for a year, break it down into 12-week chunks to create urgency and maintain focus.
Example: Aim to gain 5 new clients in the next 12 weeks instead of vague long-term goals.
Principles from "Measure What Matters" by John Doerr
Importance of Setting Objectives and Key Results (OKRs): Measuring the right metrics keeps you aligned with your goals.
Example: Set a specific, measurable goal like "increase monthly revenue by 20%."
Insights from "The 4 Disciplines of Execution"
Focus on Wildly Important Goals (WIGs): Concentrate on a few crucial goals rather than many trivial ones.
Acting on Lead Measures: Focus on daily actions (lead measures) rather than just end results (lag measures).
Example: Instead of focusing solely on revenue, concentrate on actions like reaching out to 5 potential clients daily.
Practical Steps to Focus on What Makes You Money
Define Your Money-Making Priorities
Identify what truly drives revenue in your business. Create a list of your core offers and focus on promoting these.
Example: A wedding planner focusing on high-ticket packages rather than multiple small services.
Reverse Engineer Your Success
Look at past successes and what led to them. Repeat proven strategies rather than constantly seeking new ones.
Example: If referrals brought in clients before, double down on asking for referrals.
Visualize and Write Out What You Want
Clarify your business goals to stay grounded in your own vision, not someone else’s idea.
Think Through Short-Term, Medium-Term, and Long-Term Strategies
Short-term: Leverage social media and your immediate network.
Medium-term: Appear on podcasts to borrow other people's audiences.
Long-term: Build relationships with vendors, exceed client expectations, and start a blog for better discoverability.
Pick 1-3 of these strategies to focus on for the next 12 weeks.
How Coaching Can Help
External Accountability
Having someone to keep you accountable and focused on your priorities is crucial.
Example: Weekly coaching calls to review progress and adjust strategies.
Personalized Guidance
Tailored strategies based on your specific business needs.
Example: Developing a personalized marketing plan that focuses on high-impact activities.
Mindset Support
Overcoming mindset blocks and staying motivated is essential.
Example: Addressing fears and doubts that lead to chasing new shiny objects.
Conclusion
Recap of key points: Shiny Object Syndrome is a major distraction that prevents progress and causes frustration. The power of focus, supported by lessons from "The 12 Week Year," "Measure What Matters," and "The 4 Disciplines of Execution," is crucial for overcoming this issue. Practical steps like defining your money-making priorities, reverse engineering your success, and leveraging short-term, medium-term, and long-term strategies can help you stay on track.
If you're ready to focus on your money-making priorities and quit shiny object syndrome for good, book a sales call with me at Fopsy.ca/call. Let's chat about making more money and growing your business sustainably.
Cheers to focusing on what truly makes you money!
Sponsored By: Money Making Priorities
What it is: My 1:1 coaching program
Who it helps: Service providers and coaches
The benefit: Make more money and book more clients
How it works: Focuses on executing your money-making goals in 12 weeks
Key Pain Points We Address:
Lack of accountability and support
Difficulty staying focused on goals
Unclear business goals
Trouble translating goals to income
Ready to learn more? Book your sales call at Fopsy.ca/call.
