Are you keeping your eye on the prize or the next shiny object?

Refusing to refocus your entire business strategy every time a shiny new trend or technology comes along does not mean you’re getting old. You are a CEO, not a moth.

I’m not writing some anti-innovation manifesto. Understandably — new technologies, such as AI, must be considered for every business.

Described as the Shiny Object Syndrome (SOS) is a continual state of distraught brought on by an ongoing belief that there is something new worth pursuing. It often comes at the expense of what’s already planned or underway. When a new exciting plan is proposed every time an employee returns from some flashy business conference and your team’s focus becomes divided, you may soon feel the pain of delayed deadlines and hastily reallocated resources.

Here’s how to painlessly integrate new trends into your existing business strategy and execution discipline.

Consider these three critical elements for a quick self-assessment for you and the executive team:

1. Strategic plan on a page

Does your business operate off a strategic plan written down on one page? Here’s a download link for a comprehensive yet brief strategic plan template. A written strategic plan is only as viable as your team’s ability to bring it to life every single day. Printer ink is expensive and should not be wasted on rubber-stamp documents.

2. Meetings

Here’s the most controversial items of this article: your business should conduct more meetings. Meetings catch a lot of flak as time wasters because they are often set up with the wrong intent and a vague focus. Meetings should apply discipline, accountability and clarity to completing objectives. Regular meetings should save time instead of wasting it. We advocate following this game-changing and proven formula where each meeting focuses on a very specific agenda with employees relevant to the objective. How well are you following this rhythm?

Daily huddle. Purpose = Pulse Check. 5-15 minutes max.
Weekly meeting. Purpose = Progress your quarterly priorities. 45–90 mins max (depends on team size).
Monthly Meeting. Purpose = Collective intelligence to solve the strategic issue(s). 2-4 hours (depending on team size)
Quarterly Meeting. Purpose = Strategic thinking. 1 day offsite.

3. Accountability

When a new technology or trend promises relevance to your business, how do you integrate innovation into the rock-solid business strategy? Too often, a new “shiny object” creates a new goal (or a wild goose chase) for a whole group of employees, and the combined effort towards the written-down strategic goal becomes divided. We suggest assigning ONE person who is accountable for researching new trends and understanding their relevance to your business. Let the person introduce new trends in the quarterly or monthly meeting once necessary materials are studied and circulated before the meeting. Innovation in AI and social media promises incredible growth for many businesses but also poses a threat of losing focus if every visionary in your company is left to their own devices.

How immune is your business from the lure of the next shiny object?

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