How to prevent Shiny Object Syndrome and make massive progress in your business
Are you always jumping from one new strategy to the next, without ever finishing what you started? If so, you might have a case of shiny object syndrome.
In business, if you don’t stay focused on where your business is headed then it’s easy to get distracted. There is also a thing called “shiny object syndrome” that is dead-set on throwing some distractions in the works.
We’re excited to chat about this topic because it is one easily overlooked.
What is “shiny object” syndrome?
If this is the first time you’ve heard about this term, don’t feel bad. You may already be familiar with the concept, but the name is more recently recognised.
Ever seen how cartoon characters, especially villains, go gaga for shiny expensive items they intend to nab? That’s a metaphor for what shiny object syndrome is. But, in business, it means rapidly jumping from one amazing thing to the next. This could be new sales processes, new products, buying more online courses, rebranding every 6 months… you get the picture.
It’s not that change isn’t good, it’s that when you have shiny object syndrome, you never really focus on the new stuff long enough to determine if it’s working. You’re always looking to the “next best thing” and it seems like the grass is always greener.
For example, chasing whatever the next trending “thing” is, or whatever the bandwagon has to offer. In this way, it’s easy to become side-tracked and lose focus on your current and ongoing goals for your business.
It’s also easy to wind up spending unnecessary money elsewhere that could’ve boosted your long-term business goals.
What are the symptoms of shiny object syndrome?
Yes, there are symptoms and the sooner you diagnose or spot them, the quicker you’ll regain focus on your original plans.
You could be coming down with or already have a case of “SOS” if you’re experiencing the following:
- You quickly get bored of your ideas that don’t seem to immediately show positive results
- You give up on your plans if they’re not taking off
- You invest in various online courses but never seem to finish any of them!
- Likewise, you invest in countless websites and new domains, but you become so overwhelmed before any of it grows solid statistics.
- You have monthly subscriptions to so many things you don’t actually use. From online business tools, software, cellphone applications – you don’t know how to use them effectively so you end up leaving them to stagnate
- You’re always eager to invest in the “next best thing” with no guarantees that it will work
- The overall vision for the business is a knee-jerk reaction to what you see your competitors doing
- Your staff keep dropping balls because they can’t cope with the constant changes in the business
Please don’t feel bad if you recognise yourself in some (or even most) of these points. The good news is that if this sounds familiar then you’re reading the right article. Before we share tips on getting over this mindset, let’s first see why SOS is bad news for business owners and the future of their enterprise.
Why is the shiny object syndrome bad for business?
Wanting to discover new things, be ahead of the competition and on top of trends is great business practice… but only to a point. When you never make traction because you’re always doing something brand new? That’s a recipe for disaster.
For a business to thrive it needs innovation and growth but it also needs consistency.
Here are some pitfalls of changing tactics too often:
Businesses lose cash fast
If you’re a business owner with SOS then you could relate that cash burns. Investing in various new projects and ideas in short spaces of time is a big problem.
Not only does it dig into business reserves, but it could also lead to detrimental situations should the cash flow become too low.
Every new business venture needs capital and working expenses. Investing in new projects all the time will burn a hole in your bank sooner than later.
Before going through all the business capital and personal finances, it’s best to pull the plug on SOS sooner than later.
Your staff doesn’t know what to do anymore
Training your staff costs time and money that small and medium-sized businesses can ill-afford to waste. To pivot your staff to a new focus every few months will side-track them from the core of what your business does.
Staff may also become unproductive and perform poorly on certain tasks because they can’t stay focused and see one goal through.
The implications of shiny object syndrome on staff can also result in less growth within the company. This is usually when some staff decide that leaving for greener pastures is better for their future.
Changing directions too often can leave your staff ineffective and unmotivated.
Projects are too hard to finish
You’d think every new project is a piece of cake but with SOS, it’s easy to skip past everything. Before you know it, your project is in limbo.
Even when you’re the most focused on your next goal, you don’t seem to be able to get yourself to get through it. You’re always setting things up and then looking to change it before getting through the entire project.
Does it sound a bit familiar? Many of us have been and are still there. The good news is, it can be amended.
Before SOS becomes really bad, you can still salvage the situation and maintain certain practices.
Procrastination rules
As exciting as it is to buy a new online course or decide to rebrand your entire business, it can also be an excuse not to work on the things that truly matter.
You might spend 10 hours trying to design the perfect logo instead of setting up important sales calls with potential clients. Instead of just creating a lead magnet and putting it out into the world, you might decide to learn how to build websites from scratch.
The point is, if you have extreme FOMO (fear of missing out) you never truly appreciate all the courses, tools and assets you’ve already purchased. And by procrastinating, you sabotage yourself, your staff and ultimately, your business.
How to overcome shiny object syndrome
The temptation to jump onto the next best thing is magnetic and compelling.
But that doesn’t mean you can’t get out of the SOS cycle. Here are our best tips to help you (and your credit card) break free from the madness:
#1 Think before you leap
As cliché as that might sound, take a moment to pause before you purchase. Consider the implications to your
- Time
- Money
- Resources
- Energy
Think about what value the purchase/idea/course/product etc. could bring to your current business. What are the potential risks involved? Will you be able to make it work, given your entire circumstances? Sometimes risking your business resources into a new venture isn’t always the best idea.
Do more research and investigate the market and potential other marketers in the industry’s viewpoint and experiences.
#2 Talk to your team and get their input
Everyone could use extra help at some point in their lives. As an entrepreneur, you can rely on your team for many things, including potential business ventures. They can help and support your business decisions and even give you insights from an “outside perspective.”
#3 Re-evaluate your work-life balance
Sometimes you need to take a step back and consider your work/life balance before you totally pivot and go on a new adventure.
If you’re creative and always coming up with new business ideas and pitches, you should stop to properly check out your pros and cons. This should be the case with every endeavour that you’re thinking of tackling or synchronising into your current business to-dos.
#4 Wait just a while longer
It’s easy to jump right in with both feet on the spot and get carried away with your brand new idea for strategy and generating income, but patience is a virtue. Patience might just save your business’ revenue, your energy, and your time.
Before investing in a new strategy, tool or whatever, decide to sleep on it. Or even better, wait a few days (consider it a cooling-off period).
During the waiting period, monitor what is working and what isn’t. See what other options you can come up with in your current environment that might work as well or even better than the shiny new alternative.
#5 Accept and persevere
Have an acceptance mindset and come to terms that not all new trends are a multimillionaire idea. With shiny object syndrome, your new idea might use up too many funds, or time.
At the same time, it could put pressure on you to make it work but you may be tempted to quit before completing it. Because quitting halfway through in SOS will save you much of the trouble trying to make it work.
Take vaping for example. Once this trend hit the marketing scene vape shops and online stores popped up everywhere. But as quickly as it became a fad, it also spiralled downward for the most part.
Yes, it might have seemed great at the time, the health studies that followed didn’t agree. Yes, it created over 4000 jobs in the country, but it isn’t the easiest SME to run. Topping this with nationwide lockdowns (nobody could’ve seen this coming) and many of these vape shops had to close their doors.
#6 Ditch the FOMO!
This might be easier said than done, but many people have a fear of missing out. If something is trending, almost everyone wants a piece of that good stuff. But, oftentimes this is just an SOS distraction. You don’t have to do something just because so many of your business peers are doing the same.
Do what works for your business and stick with it. Running a successful business is about persistence and continuity.
#7 Is there more to the shiny object than meets the eye?
You may not be able to see the problem going with this new trend now, but it might become “dead weight” for your primary business in the longer run.
Don’t risk the growth of your current company to take on this new and seemingly “wonderful” side-venture if it won’t benefit your business.
The takeaway
There’s nothing wrong with enjoying trends and the latest innovations, but it can have negative consequences if you jump on every one.
While shiny object syndrome has some benefits like expanding your horizons or broadening your perspective, there are also downsides that may outweigh them.
Consider stopping to evaluate any new trend before making final decisions about how much of this is worth pursuing for yourself.
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