Importance of Prioritization in Business
Prioritization is generally an invaluable skill to have in life, the benefits of setting priorities on tasks are immense. Changes in productivity can be noticed almost immediately after deciding and actually prioritizing. Priorities are set based on what you want to achieve or the goals you have set for yourself or your business.
Action expresses priorities.
Prioritizing is the way of determining what task is most important to execute, and devote time to executing the task. In our daily lives, it is not uncommon to waste valuable time executing different task before us and in the process waste valuable time or become unproductive due to lack of proper prioritization.
The benefits of prioritizing are immense, millennials have had positive outcomes in their work and personal life by just simply prioritizing. Adulthood comes with a lot of activities, deadlines, opportunities, etc. that more often than not it feels overwhelming. Many times it feels like one cannot fully utilize or take advantage of the wealth of opportunities around because of the task and responsibilities that abound. However, with proper planning, making small changes, and prioritizing, more can be achieved in the various aspect of one’s life. These little changes can make the difference between a successful executive and an unsuccessful one; it can make the difference between a successful businessman and an unsuccessful one, it can also make the difference between a happy, content and stress-free family individual and an unsuccessful one. Hence the value of setting your priority in whatever endeavor you do cannot be overstated.
Setting priority in business is one of the most productive way to increase success yet a lot of people struggle with setting priorities in their business life, the reason for this is not far –fetched because running a business comes with a lot of responsibility and obligations and not planning ahead of time or prioritizing can really make a mess of all the efforts being put into the business. It can slow down development, slow down productivity and not allow you to maximize or take full advantage or potential of opportunities that come to your business.
If you struggle with prioritizing, fret not because you are not alone and a lot of other people also struggle with this, and in this article, you will learn some unique ways that can help you in prioritizing tasks to maximize your productivity. You just need to be mindful of certain roadblocks that can prevent you from getting started and experience immense success as a result of prioritizing. A lot of business owners and entrepreneurs struggle with these things. Identifying them is the first step to revitalizing your business and boosting productivity.
Threats to Setting Priorities
This alone is single-handedly the cause of a lot of unproductivity in many businesses all around the world, especially among millennials. This is because it is so easy to defer the completion of a task till further notice, it could also arise as a result of not properly ascertaining how important a task is or how urgently it needs to be completed. Many times, we fall into the trap of postponing setting goals, creating a to-do list, planning activities ahead of time. As a result, day to day activities are left unattended to, meetings are canceled or postponed, and activities keep piling up. When the time eventually comes to execute these tasks, they are hurriedly done and not well executed. The results are always devastating; more energy is put into the task with little positive results. This is the quickest way to depression because it leaves a feeling of inadequacy and unworthiness.
This is a habit that a lot of business owners have gotten accustomed to, because of the flexibility that comes with owning a business, it is very easy to be lax and lazy. Many people believe that their laziness is a personality flaw, so there’s nothing much to be done. This is as far from the truth as far as the earth is from the sun. Laziness is not born with us, it is a habit that is learned over the course of years, and because it is learned, it can be unlearned. The best way to counter laziness is to be industrious, make sacrifices and visualize your productivity. These small changes can have an immense impact on your approach to work, allow you to prioritize more and increase productivity.
To effectively prioritize and maximize productivity, discipline is a must! It is only with discipline that you can follow through on your set goals for the week or the day, discipline will ensure you plan ahead, plan how your business will go, plan the projects you would like to implement in your business, plan partnerships to engage in your business, plan project you will execute and many others. Discipline is absolutely important in your business.
Why you Should Prioritize in Business
If you are a business owner, because of the quantity of task and activities to be attended to, it feels like you can take them all on at once without making costly sacrifices. All these can be avoided by simply prioritizing. Effective prioritization is the key to successfully executing all your projects without making costly sacrifices. Asa business owner there are tons of responsibility that you have to grapple with every day, you face intense pressure on a daily basis in different spheres, you need to ensure that your business is running smoothly, you need to ensure that your company is making a profit, you need to ensure that your customers are getting satisfied with the product they are getting, and you need to also ensure that your staff are okay and their output is consistent with your goals.
Without prioritization or an effective strategy to combat these issues, the likely hood of a business failure is imminent. You cannot simply just play it by ear; you will need to take time out to think and focus on certain aspects of your business that you want to devote the most attention to and think about how it will affect your business.
Taking a look at Apple’s success story over the years, one can glean from their business structure that they have taken time out to prioritize their product design and customer usage experience over many other things which in turn drive in tons of customers and bring in billions of dollars in revenue yearly. When Google first launched a lot of people thought that the brand will be a failure because others before then had failed before. Many years down the line, it is evident that what people predicted was erroneous. Fast- forward today, Google is one of the most successful international brands out there if anything and many organizations take cues from Google’s strategy.
A look into Google’s strategy will reveal why their products are so successful. In a business that deals with a user and customer experience, maximizing the pleasure users get from using their product becomes key. Over the years, Google has invested massively in this part of their brand. Hence it is no surprise that they enjoy a great deal of success as a search engine.
Thus, the importance of prioritizing cannot be over-emphasized especially for business owners. However, the benefits of prioritizing are not exclusive to business owners alone; you can experience considerable success in any field you decide to apply the strategy too.
Some of the Benefits of Prioritizing are
1. Time Management
Time is the most valuable asset in life and a moment lost cannot be recovered again no matter how one tries, hence, it is extremely important to prioritize in order not to waste precious time pursuing activities/projects that are less urgent or important in place of important ones. Setting priority automatically puts us on a schedule and guides our time spending. Many times individuals struggle with finding that work/play balance, struggle to spend quality time with their loved ones, etc., all these happen because they haven’t prioritized or prioritized well. Once a priority is set well, and properly, naturally, you would have more time to do other activities. Thus for individuals struggling with time management, one way to eliminate this problem is by prioritizing.
2. Achieving Set Goals
To achieve goals you have set, you need to prioritize. This helps you achieve goals off your list. Not every goal is equally important at a particular time; some goals are better off achieved later while some at the moment. Prioritizing helps sort out the goals that are immediately achievable and the ones that are not. Invariably, you find yourself ticking more boxes off your list. Hence the importance of prioritizing cannot be downplayed at all.
3. Increases Productivity
There is a well-known saying that if you do not know where you are going, you will go anywhere. This saying is true for business owners as well; if you just set up a business without making regular plans, prioritizing and making adjustments as they become necessary, your business will go in any direction. However, to run a successful business, all your actions must be deliberate. You must be aware of where you are heading to from the get-go. Making plans and prioritizing allows you to know what aspect to direct your efforts at, it helps you make choices and decisions that have an immediate impact on your business.
A lot of people out there want to prioritize but don’t know what practical steps to take that will translate to instant productivity. Here are some practical steps that you can take to spur you into prioritizing.
There is the ABC and 123 method of prioritizing. In this method, you make the effort of making a list and going through it twice. The first time you go through the list, you allocate an A, B OR C to each of the items on the list, then you go through that same list a second time and allocate a number to it, it could either be 1, 2 or 3.
These can represent items or matters that are extremely important it gets done. There are urgent items that need to be worked on immediately; not completing these items on a specific day might come with consequences. These are tasks you can sacrifice other for, a task that can make you stay up late. Be mindful of fixing tasks in A category often.
These should contain important tasks that can be worked on day to day. The consequences of not completing this task aren’t severe; they should contain a task that can be pushed by a day or two extra. This should be the task you aim to complete every day. Daily routine completion of this task is a strong indicator that you are operating at a productive level.
These are items that can still stretch further into the future, you can do without competing for a long while. The deadlines into these projects are still far off. These are items you can complete when you have the time. As the deadlines approach and the urgency changes, tasks under thus list not completed should be moved upwards.
The most important thing to take note of while starting this practice/procedure is that practice makes perfect, the more you strive to prioritize or follow through with it, the more you get better at prioritizing and the more you get better and the more productivity increases.
Note- do not allocate matters to A as much as possible unless they are really urgent matters and always finish the matters on priority A as quickly as possible so you can have time to focus on plan B.
These little changes can go a long way in helping your business become successful; it can help you in achieving your goals and productivity. Prioritization is very important in ensuring that your business makes as much impact as possible and also make as much profit as possible. So, take time out of your busy schedule to plan how your week will go, and you will see how much difference those little changes can go.