Visualizing Your REal #1 priorities
So two weeks ago you learned the systematic Profit Prioritization 1,2,3,4 Process. If you missed it you can read it here..
Last week you learned how to score your priorities on a broader system assessment impact and effort.
This week you will build on that scoring system by plotting your team members' ideas on a double-axis chart so that you can see visually
where the highest priorities are.
You do this by using the 100 point scoring system you learned last week, which I've described again, below.
First score each of your #1 priority items on level of impact when successfully implemented.
A High Impact item you would be scored a 10 and a low impact you would score a 1.
But, it is also important to assess the overall effort and investment required to successfully implement.
To bring that dynamic into the assessment you will grade each item this way, if it's Low Effort/Investment you would score it a 10 and a high effort/investment would be scored a 1.
Then, you multiple those two numbers to get your Profit Prioritization score.
Obviously the highest score you could have is a 100, that you would score a 10 for Highest Impact and a 10 in Lowest Effort/Investment.
This is an actual client's Priority Grid. You can see if shows a lot of 'high-impact/low effort and investment," ideas.
It is interesting to note that the numbers in the green upper right grid represent the number assigned to the idea based on the order in which they were presented. The numbers do not represent their priority.
It is just a coincidence that idea #1 also became the number one priority. You can tell that is so because it is the highest ranking idea with the lowest amount of effort.
This is what we call "low hanging fruit" and should be address immediately.
The next highest priorities, would be #s 4 & 6.
After that you get to make a judgment call between #3 & 7 or going for #s 8, 9, 10, 12, & 14. The former is lower impact with lower effort/investment or the latter is high impact with somewhat higher effort/investment.
My clients like to look at these grids because the visual representation allows them to see more clearly where they should focus their attention instead of just looking at a number on a spreadsheet.
Going through this lesson in Profit Prioritization is a powerful tool for your leadership and company profit creation toolbox.
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'Til Next Time, All My Best...