How do you decide what you are going to spend your time and money on today? Everyone has just 24 hours a day, and prioritizing is important if you want to stay in business.
A fellow worker early in my career gave me a simple question to ask myself that has helped define some of my business (and personal) decisions over the years: Is it nice, or is it necessary?
That’s a good question to ask yourself, whether it’s indulging in a new piece of equipment or software or something as simple as what project you will undertake today.
Nice means it could be profitable (or not). It could be fun. It could be more interesting than other work you have to do. It could feel good. It might look good.
Necessary means you need to do it for profit or for business maintenance.
It would be nice to take a vacation, but it’s necessary to work to pay the mortgage.
It would be nice to take the day off, but it’s necessary to teach all those kids whose parents are paying you for lessons.
It would be nice to spend a lot of time researching that new trailer you want, but it’s necessary to spend that same time researching how to make your footing better for your outdoor arena.
So the next time you have a decision to make for your business, ask yourself: Is it nice, or is it necessary?