There are a million ways to make a decision in your business.
Look at the profit margin.
Make a pros and cons list.
Trust your gut instinct and what feels best.
Do what you’ve done before.
Do what you’ve never done before.
In different situations, you might use different methods to make a decision, or perhaps you use a combination of several.
I have another one for you that I love to use when making decisions:
analyzing time margin vs. money margin.
Here’s an example of what I mean.
You want to create a new revenue stream. Maybe it’s a new course offering or maybe it’s an evergreen funnel for a program you’ve been live launching.
You have two options:
- Pay someone to do this for you.
- Google it out and do it yourself.
Now, most of the advice we see from internet marketers and entrepreneur gurus are: HIRE! ALWAYS HIRE! Don’t do anything except a few special tasks yourself! That’s okay advice sometimes but not always. If your revenue streams are not strong or profit margins are too low, hiring out for every single thing is just going to drain your savings or put you in debt.
Before making the decision about how to go about creating this course or funnel, you need to ask yourself the question: Do I have more time or money right now?
Maybe you’re in the early stages of your business, don’t have a ton of revenue, and are working on slowly growing. You have more time than money because your client load isn’t super full yet, so you’re probably best of doing this yourself.
On the flip side, maybe business is booming. You’re being pulled in a ton of different directions within your business and are working a lot. Clients and customers keep signing on and buying your products or services left and right and your head is barely above water managing it all.
If this is you, do not try to create something new yourself! Hire someone! Assuming profit margins are strong, you have more money than time and should pay someone else to do this for you.
Do you ever use the time margin vs. money margin method to make decisions in your business?
Need help understanding if your profit margins are strong enough to hire someone? Grab our free Profit Plan to help figure it out! Click here>> 100degreesconsulting.com/plan