You get it. And we’ve possibly all be affected by Shiny Object Syndrome at some point in our lives. The only trouble is, in business this syndrome is possibly killing your dream. By constantly buying the latest promise to grow your business you are in danger of spending everything you have to get nothing.
This isn’t a new phenomenon. It’s been going on since time began. There is always someone out there who will show you that the grass is greener over on the other side. Sadly, though, they have their own interests and earnings at heart, not yours. They are more interested in the sales they can get than the way your finances look.
- You’ve bought at least 2 courses, products or programmes that you’ve never looked at or touched.
- You can’t stop yourself from looking at the latest get-rich-quick promise from the new kind on the block that everyone loves.
- Your bank account is not growing, but you still think about committing more money than you have on a new something-or-other.
- You spend more time on social media getting ideas from what others are spending money on than you do on making money in your business.
- It’s been a while since you’ve earned significant money in your business, but you’re still paying for things you bought last year.
- You don’t tell your significant other about your latest purchase.
- Acknowledge that you are afflicted by Shiny Object Syndrome – just facing up to the fact is a great start because you can then get the support of friends and family to stop you from buying things you and your business just don’t need.
- Use the desire to buy as an SOS for yourself – after all, take the letters of Shiny Object Syndrome and what have you got? SOS! That desire to buy is a warning sign. So STOP! Delay taking action for at least a week. This is your own self-imposed cooling off period. And if the opportunity won’t be available in a week, move on to step 3.
- Present a business case to your review board – not got a review board? Create one. Even if it’s just one critical friend who is prepared to be honest with you and tell you it as it is. Present the case for why spending the money on this course, product or programme will earn your business more money. It’s only an investment if there is a return, if you can earn more from spending the money. Your aim should be to earn 3x what you spend.
- Talk to your significant other about what you are doing in your business. Hiding behind the “s/he doesn’t understand what I’m doing in my business” may be an excuse to disguise the fact that you are spending more than you’re earning. Getting honest with your significant other will help your recovery.
- Act as if this one thing you must do is the worst thing you could possibly do – now consider what other options you have.
- If you’ve already over-committed yourself and your business by purchasing too much, hand over the finances of your business to someone else. This may just not be a strength of yours, and that’s ok. This other person will then have to be persuaded that you should have the money to spend on the thing you are being dazzled by.
- And finally, if you have to go into debt to buy the course, product or programme, it’s not a great deal, however amazing the opportunity might seem.