𝐇𝐨𝐰 𝐭𝐨 𝐂𝐡𝐨𝐨𝐬𝐞 𝐖𝐡𝐢𝐜𝐡 𝐏𝐫𝐨𝐣𝐞𝐜𝐭 𝐭𝐨 𝐏𝐮𝐫𝐬𝐮𝐞 𝐖𝐡𝐞𝐧 𝐘𝐨𝐮 𝐇𝐚𝐯𝐞 𝐓𝐨𝐨 𝐌𝐚𝐧𝐲 𝐈𝐝𝐞𝐚𝐬
Ever been stuck between several exciting business ideas, unsure which one to prioritize?
🙋♂️That’s exactly what two of my clients were facing today.
One was trying to decide which project to focus on for the next year.
The other was mapping out a vision for 2025 with several new service ideas.
Both of them were in the same dilemma: 𝘏𝘰𝘸 𝘥𝘰 𝘸𝘦 𝘥𝘦𝘤𝘪𝘥𝘦 𝘸𝘩𝘪𝘤𝘩 𝘪𝘥𝘦𝘢 𝘵𝘰 𝘸𝘰𝘳𝘬 𝘰𝘯 𝘧𝘪𝘳𝘴𝘵? 🤔
Here’s the advice I gave them — and I want to share it with you:
𝐂𝐫𝐞𝐚𝐭𝐞 𝐚 𝐌𝐚𝐭𝐫𝐢𝐱. 📊Sounds simple, but it helps you 𝘳𝘦𝘮𝘰𝘷𝘦 𝘵𝘩𝘦 𝘨𝘶𝘦𝘴𝘴𝘸𝘰𝘳𝘬 and make decisions backed by more than just gut feel. Here's how to build one:
𝐋𝐢𝐬𝐭 𝐘𝐨𝐮𝐫 𝐏𝐫𝐨𝐣𝐞𝐜𝐭𝐬 📝In the first column, write down each potential project or idea you’re considering. Get it all out there.
𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 💵In the second column, based on market research and expert input, estimate how much income each project could generate in the next 1, 2, and 3 years. Numbers speak louder than hopes!
𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐞 𝐭𝐡𝐞 𝐂𝐨𝐬𝐭𝐬 💸In the third column, consider the necessary expenses — primarily the time and labor of your team (e.g., dev team).
𝐀𝐬𝐬𝐞𝐬𝐬 𝐋𝐨𝐧𝐠-𝐓𝐞𝐫𝐦 𝐈𝐦𝐩𝐚𝐜𝐭 & 𝐑𝐢𝐬𝐤𝐬 ⚖️In the final column, ask yourself: Does this project offer a unique long-term opportunity for growth? Are there any risks, like cannibalizing your other products or legal issues?
By filling out this matrix, you can 𝘭𝘪𝘵𝘦𝘳𝘢𝘭𝘭𝘺 weigh the pros and cons of each idea — not just based on gut feelings but on measurable data.
📉𝐓𝐡𝐞 𝐑𝐞𝐬𝐮𝐥𝐭?
You’ll be able to prioritize based on solid numbers and considerations rather than indecision or fear of missing out.
The best part: This isn’t just for big companies. Whether you’re a startup or managing a small team, this method works to bring clarity to your decision-making process.
💡𝐃𝐨 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐬𝐞𝐯𝐞𝐫𝐚𝐥 𝐢𝐝𝐞𝐚𝐬 𝐛𝐮𝐭 𝐜𝐚𝐧’𝐭 𝐝𝐞𝐜𝐢𝐝𝐞 𝐰𝐡𝐢𝐜𝐡 𝐭𝐨 𝐟𝐨𝐜𝐮𝐬 𝐨𝐧?
