Setting priorities - what do you work on first?
Hi, everyone!
I bet many of you have many more tasks, ideas and projects in your mind, than available time to realize them. You're not sure about the success of every one of them, especially of the bigger ones.
How do you choose the ones you'll work on first? Do you use some methodology, or simply trust your gut feeling? Is there perhaps a particular factor, a common denominator maybe, that you rely on when prioritizing your projects and tasks? What works best for you?
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I follow this rule:
Priority #1: Any action that results in immediate payment gets done first.
So if I have a project of a client, then it gets done first as I would get payment as soon as the work is done
Priority #2: Any action that results in getting tasks that result in tasks of Priority #1
So if I have to submit a quote to the client or do online promotions etc, that gets done second because that will help me get work which will result in me getting paid.
Priority #3: Any action that results in me getting better at the above two tasks gets done after that.
So if I have to develop new coding skills or learn about copywriting etc fall in this basket
Priority #4: Anything that is fun to do
Watching Netflix, playing games etc
Global Priority: Kids and family
If there is something urgent or important for the kids or my family, then all the above priorities are managed around this.
Immediate payments have to be a big focus because you can't focus on anything else if you can't provide for yourself and your family, but focusing on more immediate income can negatively impact on overall growth and sustainability of whatever you're building.
Prioritizing longer-term projects is important to continue growing personally and professionally, and it's really easy to let immediate client needs or other urgent (but not important) projects get in the way. I'm definitely guilty of this!
I always try to set aside a certain amount of time (which varies) for things that can potentially have a larger, but less immediate impact. It's extremely high priority even if it doesn't get as much time dedicated to it.
Thats exactly the point, which i'm trying to dive deep into! Every person responsible for one's business will face this problem - have a profit now, or invest in probable (but not sure) profit later. It's easier when you're over ramen profitable - you can invest all your spare time in growth. But what if you're below the line? What tells you if it's worth it now, or not? Guts?
It's totally a balance between risk, quality of life, etc., but for me it's pretty easy:
Well thought out, thank you! Is it then fair to say, that you favor quick payment in planning your work?
Given 2 options: 50% chance of getting paid $500 in 2 days, or 50% chance of getting $200 in 1 day, which one would you do first?
It depends on what 'level' I'm looking at it from.
If I'm planning out my year/quarter, it more around larger goals, values, etc. If I'm planning out my day, it's more 'how can I move my current project forward' (that I've already decided aligned with my goals, values, etc.). If I'm planning out the next hour and something is on fire, urgency is going to overtake other values. Whatever is on fire is going to be the priority.
However, the first thing (regardless of scope) is always getting all my ideas out of my mind and recorded somewhere. It's a lot easier to look at an idea more objectively after letting it sit rather than just being distracted by a new shiny thing.
It's always a balance between:
In general, I'm not very good at working on things that I don't want to work on, so I know I can make significantly more progress on something I'm excited about. It's a lot easier to get excited about something though if you know the impact (personal, professional, financial, etc.) it can have even if it's not something you 'enjoy'.
Yeah. I've realised, that having one idea at a time makes decision almost a no-brainer. You just think if it's good enough. Comparing all these factors between two or more ideas, is exponentially harder...
I have a lot of ideas. I use a very simple trick to understand what to follow: I start working on them. Most of the time, in less than one hour, I understand that put out of my mind is one of these things:
1)not good/useful
2)not interesting for me to work on
The ideas that are left are worth giving more time but there are veey few of them. To give you some numbers, I have about 10 ideas that I try every month and find a good one every two months. The others take me 30-40 minutes to discard.
Thanks! I guess there's no particular order in which you try to work on your ideas - you just try them as they come, right? If so, how would you deal with a situation, when you had two or more pre-validated projects and had to choose which one to work on?
Right now, I have two startups that pay my bills. Considering this fact, I would go with the idea that has the highest long-term potential.
If I had to quit my job or find a source of income, I would go with the idea that has the shortest path to ramen profitability.
That's a clear distinction I was hoping for. Thanks!
Gut feeling, but I should stop that. I should prioritize and pick the most important.
If it brings you best results, why stop?
Sometimes the most important is the most boring stuff in the world.
I have a t-shirt saying "Yeah, you're right. Let's do it the dumbest way possible, becuse it's easier for you". Love it.