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Decision Making

The Opportunity Cost Of Your Money

Just like our earlier bank account example (link to the economic definition of profit), the money invested in your business could be earning a nice safe return in the bank…or you could aim for a higher but riskier return elsewhere.

You may have also given personal guarantees to your bank to secure a loan so your business is getting more money at a lower interest rate – and you should recognise that cost. [continue reading…]

in 1 – Your KPI

The Opportunity Cost Of Your Time

I believe your time as the business owner is enormously valuable and is often the biggest constraint that limits improved performance in the business.

And how well you use your time – which we will look at in Pillar 2 Your Inner Game – has a major impact on how well your business performs. [continue reading…]

in 1 – Your KPI

Zero Based Thinking For Difficult Decisions

It’s very easy to get stuck when you face a difficult decision. You can go round and around in circles in your mind, weighing up the pros and cons.

Use Zero Based Thinking To Focus Your Mind On Difficult Decisions

I learnt this technique from Brian Tracy.

It’s an effective technique to use if you are struggling to make a difficult decision or you face a dilemma.

It’s called zero based thinking. [continue reading…]

in 2 – Your Inner Game