Why are some companies more successful than others? It is often down to the ability to prioritize. Focussing on key initiatives can make the difference between stagnation and growth.
A look at the real world shows us examples such as Apple under Steve Jobs: by drastically simplifying its product portfolio, the company was able to reposition itself at the forefront of the technology industry.
CEOs must differentiate between urgent and important tasks and keep an eye on both short-term and long-term goals. Thoroughly analyzing market conditions and ressources is crucial in order to efficiently allocate capital, time and personnel to strategically valuable projects.
Practical strategies such as decision matrices, for example the Eisenhower matrix or the RICE method, help to evaluate projects according to urgency and influence. Priorities should also be regularly reviewed and adapted to changing market conditions.
How do you prioritize in business?