At CEO Warrior, we’re counting down to Christmas with some amazing gifts to you. Here’s a gift for today—seven days before Christmas. (Plus I have another gift for you in the PS!)
One of the most important tasks for any service business owner is to make critical decisions.
In fact, you are called upon to make critical decisions all day, every day!
(Unfortunately, humans are hard-wired with a limitation—we can only make so many good decisions each day until we literally run out of ability to make good decisions! As weird as it sounds, that’s one reason you’re so tired when you get home from work, and it’s a key reason why you feel so stressed out during the day; it’s literally a biological consequence of decision-making.)
So, how can you make great decisions day-in and day-out… all while ensuring that these are GOOD decisions… all while keeping your energy level up and your stress down?
Well, one of the ways to help you is by doing a “Return On” exercise for every decision.
Chances are, you already do step one of this exercise in your decision-making but you probably don’t do steps 2 and 3.
So this is what I show people at Service Business Edge…
When faced with a key decision, write it out clearly to articulate it. Then do the following…
Step 1.
Ask yourself, “What’s the Return On Investment (ROI)?” In other words, you’re thinking about the financial reward for each of the outcomes in your decision.
Step 2.
Ask yourself, “What’s the Return On Time (ROT)?” In other words, you’re thinking about the time you get back for each of the outcomes in your decision.
Step 3.
Ask yourself, “What’s The Return On Life (ROL)?” In other words, you’re thinking about how your life benefits for each of the outcomes in your decision.
So, let’s look at a really simple example: let’s say that you are wondering whether you should hire another employee. You run the decision through the ROI, ROT, ROL outcomes and realize:
ROI:
they can generate millions of dollars over their time at your company
ROT:
they will do the hands-on work, allowing you to get out of the truck and into the office where you can work on growing your company
ROL:
they can help you finish your work on time (since you aren’t doing both the customer calls AND the strategy work) which means you can get home to enjoy dinner with your family
That’s a very simple example; sometimes you’ll have multiple options and you’ll need to weigh how much ROI, ROT, and ROL you get from each option to find the best one.
It’s very powerful, it simplifies decision-making, and it can help you stay focused and reduce stress throughout your workday!
Did you love that strategy? We’ll teach it at Service Business Edge (February 5-8) along with many others that can help you dramatically grow your business in 2019. Get my $30 million dollar playbook and a customized implementation guide at Service Business Edge (see the PS to learn more)…
PS, you’ll love this gift too! To celebrate this festive season, we’re also giving even more: if you act right now to get your ticket for Service Business Edge (February 5-8), you can get your ticket for $1000 off the regular investment PLUS we’ll even throw in a second ticket absolutely free.
Simply go to ServiceBusinessEdge.com to learn more, to get your ticket for $1000 off, and get a second ticket free! Take advantage of this amazing offer today.
