TIME determines your fate in business. It's what you do with your time that's important. So what's your most crucial next new step?
Your Most Crucial Next Step Made Easy
TIME determines your fate in business. It's what you do with your time that's important. So what's your most crucial next new step?
One of the best ways of deciding what your next step for new developments should be is to ask what will give the most value per unit time.
You could call this 'value added per day or per hour' i.e. how much gross profit can you make per day or per hour.
Work out the estimated
1) cost of developing, marketing and doing the next step over the next few years, but exclude overheads e.g. heating, lighting, cleaning etc. 2) sales revenue or income that would be generated by this next step over same period. 3) time in days or hours to create and service the step or project.
Often it is hard to see the ‘wood from the trees'. False allocations of overheads to departments can mask the true value of a venture. It is better to do the above type of calculation based on time to see the real earning power of a venture.
Use a spreadsheet (see model in my revised Report Two) to work out the value added (Revenue - Costs) divided by the time taken to do the step. Do not be too concerned with the precision of the calculations. It's a rough guide you want.
You can then rank your new projects in descending order of value added. Create a league table. Pick the top one - the best fit to your current situation.
Remember nature builds on the 'Best Fit' and discards the 'Least Best Fit.'
Picking the best 'Great Business' opportunity is the most difficult and most important decision you'll make. It determines your fate. Value Added per day calculations makes it easier for you.
About the Author
Syd Stewart is the author of "How to Build a Great Business using Nature's Simple Secrets". He has been an Business owner and manager for over 30 years.Visit his site to find out how you can Build a Great Business using Nature's Simple Secrets http://www.smilingowner.com or Subscribe to his regular newsletter mailto:newsletter@sydstewart.com
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Your Most Crucial Next Step Made Easy
Syd Stewart
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