Decision Making: Time Value, Life Changing

Making decisions can be hard or easy. Very few decisions are exactly the same. However, there are some decisions we could categorize as Time Value Decisions and Life Changing Decisions.

Time Value Decisions

In our business we often need to make decisions that involve our time. Agreeing to work on-site with a client over 50 miles away is one that means we will need to commute. This infers we will have to drive or fly. This choice involves the cost of our time, as well as our money. Hence, a factor to consider it the total value of our time.

When we decide to take a leadership or committee role in an industry association, non-profit  or local chamber we  are also making a choice to use our time. We might also need to weigh in the anticipated value of the experience and additional collegial relationships we may develop.

Life Changing Decisions

Agreeing to change your business to a partnership from a sole proprietorship is a life changing business decision. Deciding to take on an employee instead of contracting work out is also a big decision.  Some decisions often affect your business life in ways you don’t fully comprehend until you make the decision. For example, the year we decided to get a puppy we knew we would have to make some lifestyle decisions. This included taking the time to walk the dog as well as finding doggy day care when we went on vacation. We didn’t realized we would have to deal with the dog’s occasional barking while we were on the phone with client’s. Making the decision has affected our business practices.  Could this unconsciously be why we waited so long to get our fabulous puppy?

Making a decision is often challenging, sometimes one of great and epic proportion. This may give you some insight into why it is often so difficult for our clients to make their own decisions.

See Part One of this article

This article is an adaptation of The Productive Professional Series by Terry Prince  published in the early 2000’s.

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1 Comment

Filed under Business Marketing Strategies, Caregiving, Client Management Strategies, Communication, Knowledge, Thinking

One response to “Decision Making: Time Value, Life Changing

  1. Fred

    I think another dimension to Terry’s well- expressed Time Value and Life Changing Decisions is to adopt the strategy of developing as many options as possible. For example, you may be forced to take a faraway client because that is your only option. This is a basic principle in playing chess, a game that mirrors life. My Dad, a master chess player, taught me that you want to “develop your players”; in other words, give them as many options as possible in where they can move so that they are not trapped. Getting educational degrees, broadening your business venture, diversifying your portfolio all relate to giving yourself as many options as possible so that you are not trapped by the circumstances, and indeed can take advantage of the circumstances. This can also apply to our hobbies, of which mine is music. I play 5 different musical instruments. Normally I play recorder and clarinet in church, but when the regular trumpet player left, I was able to step into his spot and thus keep the brass group alive. When I visit my mother, I can play piano since that’s the instrument she has. And playing violin increases my appreciation of my son’s playing that instrument. Diversifying not only helps us make optimal business decisions, but it also enriches our ability to spend our personal time in a fulfilling way. This could be vital too when we retire and have much time on our hands.

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