Decisions, decisions

Still thinking about setting priorities, especially in light of two consulting projects we are involved in right now. Great missions, passionate staff, tons of ideas, not a lot of time or financial resources—yet. Some of the ideas have the potential to generate significant funds. What to do first? Here are two techniques to help narrow focus. Look at your financial picture. Get it down on paper. Where are the current revenues sources coming from? What programs generate what type of funding stream? Analyzing objective financial data can help point you in the right direction.
Next, use a matrix to classify ideas. Make a chart divided into four quadrants. In the upper left quadrant place those ideas that are high return, low risk. In the upper right quadrant-high return, high risk. Lower left quadrant, low risk, low return. Lower right quadrant, high risk, low return. Those initiatives in the lower right quadrant are the ones you would be least likely to do. Those in the upper left quadrant have the most promise. You need to consider what can be done to either mitigate risk or increase return for the items in the other quadrants.
Although everyone probably has a general perception of the ranking of the initiatives, charting them out clarifies things for everyone.