What should you give up this year?
There are two essential business and life strategies that go hand in hand. The first is "opportunity cost" and the second is "planned obsolescence". They are not often linked together in business texts, and I think they should be. The same concepts can be applied to your successful life strategies.
Opportunity cost refers to being "too busy" to take on a new project or lacking the time, energy, capital or creativity to see an opportunity when it arrives. Does it feel like you can’t fit one more thing into your life right now?
Often, we are so caught up in busy-ness, that we fail to see the "next big thing." We have no time or interest, no energy or capital to engage in research, learn new skills or to welcome opportunity when it knocks. Do you think about your New Years resolutions or goals, but don’t have any idea or plan about how you are going to make the changes?
A solution is to maintain a healthy "margin" of time and energy that are available for innovation, and part of that is to intentionally phase out former, unproductive ideas, unnecessary “stuff” or old ways of doing things. Do you have a plan to create this healthy “margin” for an outstanding 2006?
I'm told that General Electric earns half its income from products and services that are less than five years old, and they achieved this with a two-pronged approach:
1. Intense commitment to Research &Development so they always had new revenue sources coming on-line.
2. A plan to phase-out and close-out obsolescent business components.
What should you phase out this year? How much time and energy will you need to seize the opportunities that come your way this year? The cost of working too hard, of spending all your time making money is extremely high. Leave plenty of time around the "margins" for creativity, and never hesitate to stop doing whatever isn't working anymore. The cost could be too high if you don’t.
The cost of a thing is the amount of life one must exchange for it.
~Walden
Laura can coach you in the “margin” to make 2006 your best year ever. Email me at Longville1@aol.com or call at 605.342.0478. I have great coaching packages available for the first quarter of 2006 to coach from success to significance. See coaching packages in blog.
Partial article reprint- Contact Phil Humbert at www.philiphumbert.com
There are two essential business and life strategies that go hand in hand. The first is "opportunity cost" and the second is "planned obsolescence". They are not often linked together in business texts, and I think they should be. The same concepts can be applied to your successful life strategies.
Opportunity cost refers to being "too busy" to take on a new project or lacking the time, energy, capital or creativity to see an opportunity when it arrives. Does it feel like you can’t fit one more thing into your life right now?
Often, we are so caught up in busy-ness, that we fail to see the "next big thing." We have no time or interest, no energy or capital to engage in research, learn new skills or to welcome opportunity when it knocks. Do you think about your New Years resolutions or goals, but don’t have any idea or plan about how you are going to make the changes?
A solution is to maintain a healthy "margin" of time and energy that are available for innovation, and part of that is to intentionally phase out former, unproductive ideas, unnecessary “stuff” or old ways of doing things. Do you have a plan to create this healthy “margin” for an outstanding 2006?
I'm told that General Electric earns half its income from products and services that are less than five years old, and they achieved this with a two-pronged approach:
1. Intense commitment to Research &Development so they always had new revenue sources coming on-line.
2. A plan to phase-out and close-out obsolescent business components.
What should you phase out this year? How much time and energy will you need to seize the opportunities that come your way this year? The cost of working too hard, of spending all your time making money is extremely high. Leave plenty of time around the "margins" for creativity, and never hesitate to stop doing whatever isn't working anymore. The cost could be too high if you don’t.
The cost of a thing is the amount of life one must exchange for it.
~Walden
Laura can coach you in the “margin” to make 2006 your best year ever. Email me at Longville1@aol.com or call at 605.342.0478. I have great coaching packages available for the first quarter of 2006 to coach from success to significance. See coaching packages in blog.
Partial article reprint- Contact Phil Humbert at www.philiphumbert.com
posted by It's not (just) about the money @ 5:54 PM
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