What are the most effective ways to prioritize ideas with limited resources?

Once you understand the details of what your customers want and you have build a winning proposition, then you can laser into the very few actions that’s going to move the needle without losing focus on what you have decided to walk away from…survival mode….

In the Army we would always be clear about our main effort - the activity, or objective that was most critical to success. Everyone was clear about that main effort and understood how their task contributed to it - even if that task seemed, on the face of it, to be completely disconnected. I have found this concept difficult to replicate in civilian life where the tendency is to make everything your main effort because we think that people who “aren’t on the main effort” will be disaffected, or feel disrespected. The result, all too often, is a failure to make progress anywhere and people feeling disaffected because they see lots of change but little progress.

I work with many smaller, new health innovation companies. For these smaller companies with limited resources, it is critical to define a north star direction for the organization, speak about it frequently, and tie all major business activity to it. When we define criteria for prioritization of ideas, the criteria must and will relate closely to the north star objective.

Prioritisation is definitely one of my favourite topics. Over time, I've learnt that focus is definitely the number 1 skill of a good strategist. In order to prioritise, it is essential to establish effective criteria that allow for consistent prioritisation. This will allow decisions to be made in an aligned way, both over time and across teams. There may be several sophisticated ways of setting prioritisation criteria, but my favourite is the simple and classic one of values clarification. In fact, I recently posted about this as I believe that values are our internal or corporate (depending on the spectrum in which we clarify them) compass that helps us measure whether we are still sailing in the direction we want to go or not.

I can't remember a time when there weren't limited resources. Prioritizing ideas has to start with the idea that will most quickly and efficiently scale and grow revenue. Without revenue generating ideas no other ideas matter. I don't promote an "all eggs in one basket" theory, but most of the eggs need to go in one basket. Hold back a few that don't require a lot of resources and have the potential to generate revenue and run those concurrently. While prioritizing these revenue generating ideas, promote the one that directly aligns with the company's mission and value statements. If you don't have those - that's where you start. Define your mission and value. Now what can you do as a company to bring those to fruition? Do that first!

Back in 2015 in Pune, my close friend and his team gathered in a modest office armed with ideas and I remember them say, “Let’s figure out which of these seeds can flourish in our garden.” They began by planting stakes in the ground – defining what success looked like for them and determining the needs of their customers. Each idea was rigorously examined under this light. They argued, laughed, and even had a heated debate over chai and samosas. The true test unfolded when they brought these ideas to the streets. It was there that their concepts were validated by the very people they aimed to serve. It was about more than just selecting the finest ideas; it was about taking them from the conference room to the streets

To prioritize ideas effectively when resources are limited, evaluate them based on value, feasibility, and alignment with your goals. Employ methods like matrices or charts to plot ideas on dimensions such as value versus feasibility, or impact versus effort, providing a clear visual of priorities. Alternatively, use voting or ranking systems to gather feedback from your team or customers, identifying which ideas they find most valuable. This strategic approach helps in focusing on ideas that offer the greatest benefit and are achievable within your resource constraints.

With defined criteria, assess each idea objectively. What are the tangible and intangible benefits of implementing the idea? How much will it cost to implement the idea? Is it cost-effective compared to the potential benefits? What are the potential risks associated with the idea? ( Product Risk ,Market Risk ,Business Risk ,Finance Risk ,Execution Risk )How likely are these risks to occur? Does the idea offer something unique or innovative that sets it apart from existing solutions? (Value Proposition )

In my opinion, Define Criteria: Clearly outline evaluation criteria, considering factors like value and feasibility. Matrix or Chart: Use a visual matrix or chart to plot ideas based on dimensions like impact vs. effort. Voting Feedback: Implement a voting system to gather team or customer feedback on preferred ideas. Ranking System: Establish a ranking mechanism to systematically order ideas based on criteria. Iterative Refinement: Continuously refine the evaluation process based on feedback and project needs.

Back in 2015 in Pune, my close friend and his team gathered in a modest office armed with ideas and I remember them say, “Let’s figure out which of these seeds can flourish in our garden.” They began by planting stakes in the ground – defining what success looked like for them and determining the needs of their customers. Each idea was rigorously examined under this light. They argued, laughed, and even had a heated debate over chai and samosas. The true test unfolded when they brought these ideas to the streets. It was there that their concepts were validated by the very people they aimed to serve. It was about more than just selecting the finest ideas; it was about taking them from the conference room to the streets

I am often using a bidirectional scale to evaluate ideas: top: "hot" bottom: "not" left: "1000 tons heavy" right: "light like a feather" Rating coolness between "hot or not" and feasibility from "1000 tons to light like a feather" feels very intuitive for teams.

Once you've evaluated each idea individually, compare them against each other. Identify common themes, strengths, and weaknesses. Use techniques like a decision tree or a force field analysis to visualize the pros and cons of each option. From the Problem ,Idea ,Product ,Market ,scale are the different stages and in every stage founder needs to validate the stage so that every aspect of Risk associated is fully mitigated .

I find that the Impact/Effort Matrix is extremely helpful in prioritising. Finding the appropriate balance between the effort of delivery versus the potential upside. This does need to be overlaid carefully with the strategic framewrok to ensure that you don't end up chasing shiny new things that take you off-track from your core priorities.

When comparing and contrasting ideas, it is important to analyze their strengths and weaknesses, considering their potential benefits, risks, and alignment with sustainability frameworks and standards. This ensures that the prioritized ideas have the highest potential for achieving sustainability goals. By prioritizing ideas that align with sustainability frameworks such as the GPM P5 Standard for Sustainability in Project Management, organizations can ensure that their initiatives contribute to positive environmental and social impact. By aligning ideas with the sustainability standards, organisation’s can prioritize initiatives that adhere to recognized sustainability principles and contribute to the achievement of sustainability goals.

Like anything, you share your ideas with employees, coworkers, and your peers. Bounce the ideas around and put them to test and talk about the results. Measure the results.

- Align ideas with core business objectives and then eliminate ideas that do not contribute directly to key goals, ensuring the limited resources are directed towards high-priority initiatives. - Look for redundancies or overlapping elements among various ideas and then combine similar ideas to streamline efforts and avoid duplicating work. - Evaluate the potential risks and rewards associated with each idea and then eliminate ideas with high risks and low potential returns to safeguard resources. By actively engaging in the process of eliminating and combining ideas, companies can streamline their initiatives, concentrate the limited resources on high-impact projects, and enhance overall efficiency.

I like a forced ranking exercise among a larger group, with that information then assimilated and considered by key leaders who are a decision-making body.

Identify common themes, strengths, and weaknesses. Use techniques like a decision tree or a force field analysis to visualize the pros and cons of each option. Before committing significant resources, validate your ideas through research, prototyping, or pilot testing. Gather feedback from potential users or stakeholders to assess the viability and market potential of the idea. As you gain more information and feedback, review and refine your ideas. Adapt your plans based on new insights and learnings. Last but not the least be open to pivoting or adjusting your approach as needed.

Getting peer perspective is crucial during your prep phase. This will help you gauge expectations and prevent or limit redundant thought initiatives.

I am a fan of critical thinking tools like 'Pre-mortem analysis' to forecast and mitigate potential challenges with the plan(s). This technique involves envisioning a future where a plan has failed, identifying weaknesses and mistakes that led to failure early on. It not only tests the plan's resilience but also fosters foresight and adaptability.

My role involves external parties, customers or other stakeholders. Stakeholder feedback helps to validate if our internal choices are on the right track for purchasers. If so, then we may move forward with a protype or pilot.

I'm a strong proponent of building MVPs or prototypes – they bring ideas to life, allowing for tangible feedback. This approach goes beyond hypotheticals, offering real-world insights from your target audience. I also blend in direct engagement methods like surveys or interviews. This combination of tangible testing and conversational insights provides a well-rounded perspective. It's like piecing together a puzzle - each feedback, whether from a prototype test or a survey response, adds clarity. The key is to remain adaptable, using this feedback to iteratively refine the idea. This process isn't just about validation; it's a journey of evolution, ensuring the final product truly resonates with the market.

Prototype Testing: Develop tangible versions like prototypes or Minimum Viable Products (MVPs) for direct audience feedback. Surveys and Interviews: Engage stakeholders through surveys or interviews to gather insights and validate ideas. Feedback Loops: Establish continuous feedback loops to refine concepts based on audience input. A/B Testing: Conduct A/B tests to compare variations and refine ideas based on real-time data. Pilot Programs: Implement controlled pilot programs to assess ideas in a real-world context. Social Media Engagement: Use social media for quick polls and discussions to gauge broader audience interest. Actively seek input, adapt based on feedback, and iterate until you have a well-validated and desirable concept.

To validate and test ideas, it is crucial to gather feedback from stakeholders, experts, and potential users. This feedback helps in assessing the viability and effectiveness of the ideas. Prioritizing ideas that receive positive validation and show potential for success ensures that resources are allocated to initiatives that have a higher likelihood of achieving sustainability goals.

Continuous Feedback Loop: Ongoing refinement based on real-time input. Retrospective Analysis: Reviewing data to identify strengths and areas for improvement. Roadmap Planning: Clear milestones for systematic progress. Actionable SWOT: Informed decisions on strengths, weaknesses, opportunities, and threats. Benchmarking: Comparing ideas against industry benchmarks for improvement. Prototype Iteration: Refining based on user feedback. Expert Consultation: Gaining valuable insights for refinement. User Surveys: Gathering preferences and opinions for data-driven adjustments. Pilot Programs: Assessing real-world viability through small-scale trials. Usability Testing: Identifying areas for improvement in user experience.

I have created three versions of our software product. While we have successfully achieved our goal, the key point is that ideas are never fully formed from the start. It is crucial to review and refine our ideas to ensure they meet our criteria and expectations. To accomplish this, I will employ various methods such as feedback loops and retrospectives to gather and analyze data and opinions from our validation and testing process. This will highlight both the strengths and weaknesses of our ideas, allowing us to make necessary improvements and modifications. Additionally, creating a roadmap or action plan will enable us to outline the next steps and set milestones for our ideas as we continue to refine and optimize them.

I also like the simplicity of the BRAN questionsing model: What are the potential BENEFITS? What are the potential RISKS? What are the ALTERNATIVES to achieve this aim? What if we did NOTHING? It can be good way of challenging proposals appropriately.

I really like the "Weighted Shortest Job First" (WSJF) technique as a valuable strategy for prioritizing ideas when resources are limited. WSJF considers not only the size of a job but also its relative importance and the urgency of delivery. By assigning weights to each job based on these factors, teams can focus on high-value tasks that align with strategic objectives. My teams like this technique to ensure that limited resources are directed towards initiatives that deliver maximum business value in the shortest possible time.

Talk with others in the field, network, and consider seeking mentorship. Business mentorship is readily available and supported by the SBA. Tech startups and other incubators have support from local colleges and universities. Contacting your local Chamber of Commerce or SCORE can be very helpful

The fewer resources we have, the more data we must use. This is apparently paradoxical because access to data requires resources. It is better to be precise and deep on an idea than to touch on 10 ideas.

To prioritize ideas with limited resources, its important to weigh factors such as potential impact, feasibility, and alignment with strategic goals. I'll establish a scoring system, engage stakeholders in decision-making, and consistently review priorities as circumstances evolve. I'll concentrate on projects that align with our long-term objectives, optimize resource usage, and yield measurable results. It is also crucial to communicate priorities regularly for team alignment and adaptability.