Ideas and Deals Are Just Pretty Prose Without T & M!
How often do we imagine new ideas, improvements, purchases, partnerships and the like that appear so good and viable in our heads and even in conversations with others? In this state, we all have the ability to be pretty convincing. Our perception is demanding quick action for this is the solution that will make everything in our business better.
When faced with this situation, I always advise clients that good ideas generally stay that way and will withstand the test of T & M: time and math. Sleep on it, and then you must apply numbers to the words. Break down the idea or deal with hard numerical facts and analyze the short, immediate and long term effects and consequences on all aspects of your business, then make a decision
You may be thinking, why this is obvious.
Maybe, but then why do so many business leaders make snap decisions based on the verbal viability of a situation? Time and time again, they take quick action, invest money or shake hands only to regret it later. The answer is emotion.
When we are in stressful situations or in buying mode, we are often locked in a surreal la-la-land of a combination of wants and desires and/or silver bullets and quick fixes. Perception is in control and emotion clouds our ability to see things clearly and act rationally in the best interest of ourselves and our businesses.
Good ideas generally stay that way
and will withstand the test of time and math.
By taking time, asking questions, playing out scenarios, and bouncing things off of trusted advisors, we diffuse the emotions of the deal and get closer to reality – the better decision making place. When you apply the math to the prose, you shine a bright light and expose the costs and potential profitability that either adds up in your favor or doesn’t.
So, the next time you or someone you know is about to pull the trigger on something that sounds great and may even read well, apply T & M. It’s your investment and your business’s future. An idea without time and math is just pretty prose.