Shiny Object Syndrome: Why leaders get it, how to treat it & why it will be your undoing if you don't
It's a common story in circles of ambitious achievers: business owners with a full plate get a new idea and insist on chasing it, even if it doesn't align with current business goals or make sense for the bottom line. Why is this so pervasive among business owners? We asked Kyle Golding, an Oklahoma City consultant and strategist who has founded many businesses himself and worked with countless entrepreneurs, for his thoughts on the topic.
Why are so many leaders prone to shiny object syndrome?
For many entrepreneurs who can do a lot of things well, the tendency is toward projects they like or that make fast money. They might see a competitor doing something and think they want a piece. They might find the "new" thing more exciting because it requires serious effort to truly exhaust and evaluate the current thing first.
How can someone treat shiny object syndrome?
Entrepreneurs in the beginning create a strategy that plays to their strengths. They stand out from competitors because they compete on these strengths, but often get distracted and try to do things outside their core strengths. Instead, you should be looking for reasons not to do things. It's too easy to say 'we'll make money on this' or 'it's fun,' but if it's not the strength that separates you from competitors, it's not a good use of time. Approach ideas with extreme logic, taking all emotion out of them.
How can curing shiny object syndrome create stability?
The entrepreneurs who outlast a tough economic climate are ones who are good at repeatable business, not one-time business. That requires we dig into the data to identify trends and know your highest margin work. Not just looking at top line revenue, but really knowing how much time and energy something costs and understanding the cost to replace you in your business. Those will be the businesses with lasting power.