Prioritisation: The difference between efficiency and effectiveness

The following quote is up on The Heretic today. It’s a great reminder:

Efficient people are well organized and competent. They check things off their to-do list. They complete projects. They get stuff done.

Effective people do all that, but they check the right things off their to-do list. They complete the right projects. They get the right stuff done.

I guess we all know this but great entrepreneurs always focus on the thing that moves the needle the most. No matter how hard or personally difficult, they take on that problem. Company needs profile: they take the stage. Distribution deal not working: they pound the streets looking for direct deals. Co-founder no longer pulling his weight: they have the difficult conversation. Biggest customer not profitable but investors don’t want to let go of the revenue: they take the hit. Burning too much cash: they act sooner rather than later.

Other entrepreneurs however, are clearly efficient but keep themselves insanely busy chasing the wrong opportunities of focusing on tangential tasks.

Prioritisation, then is the difference between efficiency and effectiveness. It’s important that from time to time we take stock and make sure we are spending our precious time on the right stuff.