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Weighing opportunity costs as a business, Goldilocks style

Setting your business up for success may be more than just saying yes to everything that comes your way. Like Goldilocks, it is more advantageous to be selective and get it juuust right.

Goldilocks enters the business world?

Sometimes when you least expect it, business ideas blossom. Even at lunch with dear friends, when you are sort of gossiping. Yeah. Don’t judge:

“He seriously wouldn’t help you move?”

“No. He said it wouldn’t benefit him. He was going to be working on his hedges this weekend.”

“Wow. It always seems like he weasels his way out of everything.”

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“Nah, I think that he is actually really good at saying no and identifying things that are good for him. It might actually be a good trait. I’m impressed that he got out of this; good for him, right? No wonder he’s a lawyer now.”

When talking about a friend who seems to always have plans, or a way to get around everything you ever ask of him, be it a fun event at the park, or a quick assist in a one bedroom apartment move… a business concept was highlighted. Saying yes to the right things can be more valuable to a small business than saying yes to everything. Apparently my pal that I was chatting with thought that the opportunity cost of saying “yes” to everything is lost when you say “yes to things that bog you down.” The opportunity cost is won when you say no to everything except for the things that you really want to do and in things that will prove your value. 

The magic question is then, when do you say “no?”

Enter your inner business Goldilocks:

In a boutique business, you are in constant negotiations with yourself: Is the job too big? Is the job too small? Is the job just right? How do you ever really know if the value is there and if you should take a job or if you’re just starting to say yes to every little thing? No one wants to spin their wheels. That is why we assess things like our internal motivators, like what drives us in our business and what are our current business needs.

Saying yes to everything.

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Maybe you are one of those people who can manage to take on every task and tackle it with brilliance and grace; however, what happens when you start to slip? People notice these things and business will start to go elsewhere. Are you saying yes because you can’t say no? Hmmm… Deeper issues maybe?

Things to think about to get to your inner Goldilocks

  1.     Bid… No bid??? Do I/we have the right skill-set to win this job and be successful?
  2.     Dollar bills, y’all. How much money will this project make your business?
  3.     You’ve got a problem? I’ve got a solution. Identify the issue and know how to fix the problem.
  4.     Time is money. How much man power do you need on this job?

Everyone wants to set their business up for success and a great way to do this is to identify projects that will show your value, just like the “weasel friend” who isn’t such a weasel after all… just a smart businessman who knows how to get what he wants, when he wants it. I think this job will be just right…

Written By

Genevieve Concannon is one of those multifaceted individuals who brings business savvy, creativity and conscientiousness to the table in real estate and social media.  Genevieve takes marketing and sustainability in a fresh direction- cultivating some fun and funky grass roots branding and marketing strategies that set her and Arbour Realtyapart from the masses. Always herself and ready to help others understand sustainability in building a home or a business, Genevieve brings a new way to look at marketing yourself in the world of real estate and green building- because she's lived it and breathed it and played in the sand piles with the big-boys.  If you weren't aware, Genevieve is a sustainability nerd, a ghost writer and the event hostess with the mostess in NoVa. 

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