Learn how to cut the hesitancy cost
Transcript
Welcome to another episode of The do good work podcast. Today, we're going to be talking about how to cut the hesitancy cost. So what's the hesitancy cost? Well, you and I both been there, whenever you're looking to make a decisions, but you wait too long to make a decision. And then when you end up making the ultimate decision that you are going to make anyways, taking too long added costs to whatever you were going to do. If it's in real estate, the cost is like, I don't know, 510 15 $20,000 like I experienced that. Or if you're just looking to buy something at the store, you're like, you know what, let me go check home and see on online if I can find it cheaper. Turns out you can't find a cheaper you go back to score and they're sold out that cost you time as well as money because now you don't have the thing you wanted to buy. Now, hesitancy cost comes in different scenarios and factors in life and in business. However, the best way and the fastest way to really cut that cost is to have a framework before you go into ask a question. So what does that mean? Let's say for example, you're hiring. You know the old adage hiring Slowly fire fast. Let's just break that adage, right now, let's hire accurately. And it doesn't have to necessarily be slow. Because if you know exactly what you're looking for, then the decision becomes obvious or easier for you. And you do that via a framework. And that framework is built by knowing exactly the conditions or the variables that you're looking for when you're looking to make a decision, or to act on an opportunity. And those frameworks need to be developed by you internally, either yourself the leadership team or advisors, because the best way to have these frameworks is to ask very strategic questions, asking questions around the numbers, asking questions around the goals, asking questions around the people, and then marrying those together. In order to come up with a framework for an actual action and action you're going to take in the marketplace, with your leadership team with your hiring team, whatever you're doing. The action is based on a framework and that framework is based on intelligence that attell intelligence is based on questions. And questions are best answered with data. The first thing you need to be able to do is look at the numbers, look at the data, even if it's qualitative or quantitative data, you need to be able to see what what pieces of data information that I have Can I use to make strategic decisions? And before you do that, you need to ask what kind of strategic decisions do I want to make in my business? Or should I be making or should be asking? If you don't know those answers, it's okay. Reach out to someone who does reach out to an advisor appear a network or someone who's gone ahead the road have gone ahead, down the road that you're on. Because ultimately what you want to do is be in a position where you know in your business, what are the next three best moves to make and with those within those three next best moves, when an opportunity arises, and when you see something arise that fits the fits the bill, for that strategic step or for whatever you're doing. You're not hesitating to take action because hesitancy will cost you if you don't Do that cost explicitly come out of your bank account today, you will see that come out in the future. Okay, so let's cut that cost by creating frameworks. So the frameworks are built by asking strategic questions around important decisions that you will make today or ultimately have to make in your company. And if you don't know what questions to ask strategically, it's okay. Remember, ask your network, ask appear, ask a coach, ask a mentor, whatever it is, but you want to be able to have strategic questions and building frameworks. So when the opportunity arises, you're not hesitating and you're able to check off like a checklist, check, check out that fits my bill, let me take action. And then you might actually win against your competitors, you might actually win against your former self or your former way of operating the business. And doing that repetitively, even if it's small over time will yield incremental gains, especially as you increase momentum and the velocity of the growth of your business. So remember, one way to solve the hesitancy cost is by creating Proper frameworks, the proper frameworks based on strategic questions and thinking.