Hi !
Welcome to this week's issue of Executive Insight.
Thanks to those of you who offered tips about adjusting to progressive lenses after last week's issue. I appreciate the guidance!
What are you working on? I'd like to hear about your projects - both successes and challenges - so feel free to drop me an email.
Break Away from Fear-Based Decisions
A handful of practice professionals recently told me that they're taking on anything for new business because they fear that they'll have nothing if they say no.
Not only is this fear-based decision making, but it's indicative of scarcity mentality. Of course, it's understandable to worry about having enough business during difficult economic times. But when you take on work that demoralizes you before you even begin, you can almost assure a negative outcome.
This is primarily about attitude. If you focus on "lack," it's harder to see opportunity. When you think "have to" instead of "choose to," you limit your creativity. When you think it's better to experience busyness, you limit the growth of your business.
When you or your people face decisions like this, consider the following:
- How does this contribute to your/your firm's body of work? Simple math can provide insight: does this add or detract from what you do.
- What is the opportunity cost? When you commit to one activity, you give up whatever else you could be doing during that time.
- How can you leverage this? For example, you may opt for a lower fee engagement because of the exposure you'll get for future opportunities. Or, you could learn something that will help you at a later time.
- Does this give you additional credentials? Taking on this job will help you break into new territory.
- Will this use up "unsold inventory"? This can be tricky, but there are times when you can take on a very short term project because you have available, underutilized resources. If this is the case, assign the work, do it quickly and move on.
I understand that these aren't easy decisions to make when business is slow. I do know, however, that if you step back and thoughtfully answer these questions, your decisions will be more objective.
After your analysis, you may still decide to work with that client, start that project, or craft that proposal - just make sure you're doing it for the right reasons.
Feel free to email me any tips that have worked for you.
Have a great week!
Leadership and the Bottom Line
Do you avoid conflict? You may be doing a disservice to your people by only telling them the positives, and avoiding the negatives.
Personal Power
Are you addicted to the Internet? Take this short quiz to see how being glued to the web may be adding to your stress.
Trend Watch
Do you have "green" on your mind? This week's New Scientist profiles a company that zaps household waste into energy.