If you're ready to manage your time better and get your priorities straight, it may be time to consider using a prioritization matrix. While there's a bit more to the technical side of things, prioritization matrices help you prioritize, hence the name. As a common device used in businesses, it's important to have an understanding of this system and how it can help you and your business.
A Deeper Look at Prioritization Matrices
Businesses are using prioritization matrices to help them make decisions. If you're stumped on which option to choose when you have too many choices, a prioritization matrix will aid you in narrowing down the options you have. Through this system, you can look at the different options and come up with an easier selection of which will work best for your business, whether you're trying to deal with a problem or expanding your business prowess in general.
How does the matrix help? You'll understand this more as you learn how to use the system, but it essentially forces your business team to discard hidden agendas and look at the best solutions to the company's problems.
Crafting a Successful Prioritization Matrix
While there are only a few short steps needed to create a prioritization matrix, there are some added tips that can help you plan a successful breakdown of your ideas, allowing you to pick the best path for your business. Let's start with the steps, which are to come up with a goal, set your criteria, and then weigh those criteria. Once you're done, it's time to compare and pick which has the best outcome.
Sounds simple, right? There's a lot that goes into weighing your options, which includes coming up with a point value system for the weight. You can get ideas for this online, and there are even prioritization matrix apps you can use to take some of the extra guesswork out of your decision-making.
Here's a step-by-step breakdown of the process:
1. WHAT IS YOUR GOAL OR OBJECTIVE?
Come up with the objective you want to reach a decision on. Make sure your whole team is in agreement with this goal, or the plan won't work. This system can help your business find its focus, help you figure out where to save money, or help you determine which goals need your attention right now.
2. What do you need to reach this goal?
Now it's time to make a list of the things you need to complete your objective. Consider things like how much this endeavor will cost, how long it will take to implement, will it save the company money, and other pertinent information. This list contains the info you'll weigh to determine where to get started on the implementation of your goal. Or it may help you determine this goal is too lofty to take on for your business right now for whatever reason (not cost-effective enough, too much time wasted, etc.).
3. Chart and compare
Now it's time to put these items on a chart that will let you measure the importance of each piece of the puzzle. This is your matrix. List the items you determined across the top and along the side, and then give them numeric weights depending on importance.
Start with the least important items at 0.1, for extremely unimportant. Move up to 0.5 for significantly less important. 1.0 can be your middle ground, with 5.0 as significantly more important and 1.0 as your preferred option. These are just some examples. Your system may number differently.
At this point, you'll be making comparisons, figuring out percentages, and determining which step to take that's right for your business. Your business prioritization plan needs to be implemented once you figure out which plan is the right one. You may use these charts to compare a plethora of business ideas and compare each of them with one another.
The goal is to come up with a diversified plan in the end, without needing to argue about it with your teammates.
Why Use This Method in Your Business?
While this isn't a quick decision-making scheme, and it takes time and dedication to use a prioritization matrix, it does allow you the best breakdown of ideas and goals for your business. The time you put into making decisions will allow you to better grow your business. It also cuts out the need for each team member to make their presentation on the subject.
This technique will help you solve problems by ranking them. Take on the biggest issues first, making your business life a breeze. It's just another method of brainstorming, with a specific design.