Many people struggle to decide how to grow their business. There are many ways to do this; you can open a second location, start selling online, or hire more employees. However, it can also be overwhelming when you don’t know where to start.
In this blog post, we’ll show you how to use an Eisenhower Matrix to grow your business and avoid falling behind on important projects.
What Is an Eisenhower Matrix?
The Eisenhower Matrix is a decision-making tool that helps you organize your tasks by urgency and importance. It was named after Dwight D. Eisenhower, the 34th President of the United States. It’s easy to use, but it takes some time to figure out how best to apply the technique in your business.
It is divided into four quadrants assigned with different actions points, which are:
- Urgent and important (Do): These tasks need to be completed immediately and are usually time-sensitive.
- Important but not urgent (Decide): These tasks need to be prioritized and scheduled to avoid future problems.
- Urgent but not important (Delegate): These tasks can be like meetings that you can push back because they are getting in the way of more important ones
- Not urgent and not important (Delete): These tasks can be postponed indefinitely or removed without any consequences.
How to Use the Matrix to Grow Your Business
Now that you understand what an Eisenhower Matrix is, how can you use it to grow your business? Here are a few steps on how to get started:
List All of the Possible Opportunities for Growth
First, make a list of all the different opportunities for growth that you have. Whether it is expanding to a new location, selling products online, or hiring more employees. It’s important to list them down first to determine which one would most benefit your business.
One way to ensure that all payments are accounted for is to use a generated 1099; this can help you track the business’ performance in real-time and take actions to help improve the company.
Determine if Each Opportunity Is a Viable Option for Your Business
Now that you have your list of possibilities, the next step is to determine whether or not each opportunity is a viable option for your business. You can do this in several ways, but it’s usually best to consider factors like financials, time constraints, and resources.
You can remove the options that are unlikely to work for your company. Others that you are uncertain about, you may leave them on your list and add them to your matrix for further review.
Rank the Opportunities by Urgency and Importance
Now that you have a list of viable options and you’ve determined how urgent and important each one is, it’s time to rank them using the matrix. First, decide which quadrant each opportunity falls into and then use the action points to help you determine what needs to be done next.
It’s necessary to check which activities fit into urgent and important tasks that need immediate attention. These should be top-of-mind concerns when making decisions about your business.
An example activity could be generating your W-2s and filing them with the IRS before your filing deadline. You can then ask yourself, “Is this important enough to keep me from growing my business?” If yes, move it into the quadrant of tasks that need immediate attention and take action for you to accomplish both goals.
Create a Plan of Action
Once you have your matrix completed, it’s time to create a plan of action. This is where you will outline how you will complete each task and when you should complete it. Having this plan of action is essential so you can hold yourself accountable for completing each task.
Assign a Date When You Will Complete the Actions
You must assign a date when you will complete the actions. You can do this by using a calendar or assigning it to a specific day on your to-do list. Having a set time for each task will help ensure that everything gets completed promptly.
Consider Delegating or Removing Tasks That Are Not Beneficial to the Company’s Growth
Lastly, you may want to consider delegating or removing tasks that are not beneficial to the company’s growth. Eliminating these tasks can help you focus your energy on the things that matter most.
You can do this by looking at each task and determining if it falls into the not urgent and not important one of the four quadrants. These tasks may be wasteful to your business, and instead of spending valuable time and money on them, it may be best to remove these tasks.
The Benefits of Using a Matrix for Business Planning
There are many benefits of using a matrix for business planning. The following are some of the most notable:
It Can Help You Prioritize Your Time and Resources
The matrix helps you save time and money by focusing on the crucial tasks directly impacting your business. It can help you prioritize and manage time more efficiently by looking at each task in terms of urgency and importance instead of just going through them one-by-one without any direction.
It Ensures That Every Decision Is Beneficial to Your Business Growth
An Eisenhower Matrix can help you make better-informed decisions by providing a framework for analyzing and considering opportunities. This will allow you to make more data-driven decisions that are beneficial to the growth of your business.
It Helps You Stay Organized and Focused
Lastly, using a matrix can help you stay organized and focused. This is because it allows you to have a clear view of what needs to be done and when to complete it.
In addition, using a matrix can help you stay accountable for your actions because it gives you a plan of action to follow and helps ensure that each task is completed on time. This level of accountability will help keep you on track and ensure that all tasks are completed according to plan.
How To Use An Eisenhower Matrix To Grow Your Business: Conclusion
The Eisenhower Matrix is a helpful tool for business owners. However, it’s important to remember that this matrix should be used as a guide and not gospel. You may find that some opportunities fall into more than one category or that specific tasks need to be completed sooner than what is outlined in the plan.
The most important thing is that you are flexible and can adapt as needed to focus on the things that matter most.