There are multiple reasons why businesses fail. For example, it is easy for managers and business owners to get side-tracked by the freedom that they have when running a company. Other times, companies spend their money on unnecessary resources that do not contribute to overall success. And then, there are those cases when managing multiple priorities becomes difficult due to poor priority management
What if there was a way to seamlessly manage your priorities?
It is one thing to write down all of your priorities to get a sense of what is important, but that is only half the battle. The second part is figuring out how to manage these priorities.
In this article, we will discuss what priority management is, and how to successfully implement a priority management technique into your daily routine.
In a business, how one manages their priorities is paramount due to the fact that businesses inherently face a lack of resources.
In short, priority management is key.
When making decisions, businesses must decide on two things:
- What is my goal?
- Do I have the time and resources to reach my goal?
Managing Your Priorities
To determine the answers to these questions, consider using a Cost vs. Reward Matrix. Let’s take a close look at the terms:
- A cost is the price we pay for investing in certain choices. Costs are not only reflected in dollar amounts, but also include the time that we spend on these choices.
- A reward is the benefit that this project will bring to the company. When we invest in what is right, we often gain something, whether it is more money, more customers, etc.
Let’s take a more in-depth look at this matrix so you can understand how to incorporate it into your company for success. First, I will describe it to you using an analogy about careers.
Now, what about a real example?
Most small businesses do not grow solely through word-of-mouth. As told by the one and only Mark Twain, “Many [times] a small thing has been made large by the right kind of advertising.” Thus, many businesses need to do some sort of marketing whether they put their company on a billboard, advertise with a direct mail company like Valpak, or get their name out with a commercial.
However, this endeavor can be costly, and some businesses, especially small businesses, are limited on resources. In order to determine which path may be best for your business, you must consider the costs and rewards of different options.
Let’s take a look at different advertising scenarios using a Cost vs. Reward matrix.
I can’t emphasize enough how important priority management is for businesses. Next time you are making big decisions that could really impact you and your company’s future positively or negatively, consult the matrix. When you understand how to prioritize your resources and time, you will maximize you and your company’s potential for victory. Using this strategy, you will accomplish your goals and move forward.
Check out the priority management app Priority Matrix. Our signature is the Eisenhower Matrix for time management, which allows you to manage priorities across all of your projects to work more effectively. With Priority Matrix you can create also a Cost vs. Reward template, or create your own quadrant-based templates to help your business grow.
Managing a business is certainly no easy task; however, as business owners, there are different ways that we can organize our logic to guarantee that our plans are carried out effectively.
Overall, Priority Matrix helps you ensure that your team is working on the right things, so none of your resources go to waste. The app also allows you to collaborate seamlessly with your team members, track what each employee is working on, and increase accountability across your business.
Priority Matrix is available for Mac, Windows, iOS and Android, and integrates with email, calendars, Evernote, and more.