Use the prioritization template to identify successful ideas & projects
Are you sick of wasting time and energy on projects that lead nowhere? Brainstorming can throw up a large volumes of ideas but figuring out which ones to pursue can be a challenge. By focusing on ideas that have the highest chance of success you can save a lot of time and effort. One of the simplest ways to determine that is by using a prioritization template to sort ideas across a feasibility and importance matrix. The matrix will help you visualize which ideas have the winning combination of high feasibility and high importance and impact.
What is an Idea Prioritization template?
An Idea Prioritization template is a business tool you can use to identify which ideas or projects are the most worthy of attention, based on their overall feasibility and importance. Using a simple matrix where feasibility of an idea is plotted along the x axis, and level of importance is plotted along the y axis, you will be able to visualize which ideas have the greatest chance of success, and which ones should be avoided. You can also manage your projects and time more efficiently with the use of the Priority Matrix template.
In addition to managing a project pipeline, an Idea Prioritization template can also be used to prioritize wish-list items within a larger project. For example, when designing a new website, you might have collected a long list of wish-list items from numerous stakeholders and departments. Take the guesswork out of it by plotting them all on the idea prioritization matrix so you can clearly see which ideas you should focus on in stage 1 and which ones can be looked at down the track.
How to determine the feasibility and importance of a project?
When you are thinking about project prioritization, it’s important to consider the following points:
Staffing: do you have enough/ the right staff?
Resources: are there resources, financial and otherwise, available at the moment?
Momentum: Will this idea give you early success that can lead onto other larger ideas?
Cost: Is it going to be good value for money?
Effort: Will this idea come at the detriment of others?
Skills: Do we as a business have existing skills to undertake this?
When it comes to rating the importance level of projects, consider these points:
Urgency: Why should this be completed now, instead of later?
Scale: Does this idea have the possibility to serve a large number of people?
Results: Will this idea give the business success in the areas it is most needed, ie: financial, awareness, credibility, expansion?
Mission: Does this idea further our mission and goals?
Flow on: Will this idea open up opportunities for other ideas?
A guide to using an Idea Prioritization template
- Gather your team remotely or in-person for a brainstorming session to generate new ideas, writing each action on a separate sticky note on the Idea Prioritization template. (Skip this step if you already have a long list of ideas or a project wishlist).
- Sort through the ideas and filter any that are completely out of the scope of possibility or unsuitable.
Combine similar ideas onto one sticky note, or group ideas that could combine into one general idea. (More information on how to use digital sticky notes.)
- Ask for clarification from those who submitted the remaining ideas about what it would take to make each idea happen/come to fruition.
- As a group, start plotting the ideas onto the chart by placing the sticky notes corresponding to their feasibility and importance. You can use the questions in the previous section as a guide.
- At the top right hand side of the chart you will clearly be able to see which ideas you should prioritize based on their high importance and high feasibility.
- To get things started, assign tasks to various group members and arrange a follow up meeting to keep the momentum going.