TIMO - Three years later

One of the hardest things about running a start-up is figuring out the priorites on any given day. About three years ago, I wrote a post on the MyPunchbowl blog about "TIMO" -- a handy acronym I created to remind me about my priorities.

Three years later, I'm still using this very important device to provide me clarity about all of the different priorities on my plate. Even after all of this time, the "T" in TIMO is the first thing I think about on any given day. Without a great team, you can't have a great start-up.

Here's what I wrote in the blog post three years ago:

I tend to start every day the same– I consult with my virtual business advisor “TIMO.” Timo is an acronym I invented to remind about me about how to prioritize my thoughts on a daily basis. It goes something like this:

T = Team: How is the team doing? Is everyone excited about working on MyPunchbowl and working on things that they are best at? Are there additional people that we need to bring in to help achieve our goals?

I = Idea: What areas of the product need work? Are there user interface issues to discuss? Do we need to prototype any new functionality? Are we focused on the unique parts of the product?

M = Money: Are the bills paid? Is there anything I can do today to improve the company’s financial health? What do we need to do to keep the fund raising efforts going?

O = Opportunity: What market opportunites are out there? What partnerships can I work on? Are there opportunities in any area of the business that I can act on today?

If you're involved with a start-up, try using TIMO to set your priorities. I'd love to hear if it works for you.