What do you think of my decision?
I wanted to buy a new USB thumb drive. I did a lot of research. I wanted something that had a lot of space, wouldn’t break with repeated use and was reasonably priced. After much searching and comparing, I found this little beauty and bought it right away.
512 MB capacity and only $61.00! Did I make a good deal? No? I can buy a 32 GB (62x the capacity) drive for $9.99 (16% of the cost)?
Am I some kind of idiot? Well, not because of this. I bought it in 2005…ten years ago, this made good sense.
Not all things evolve as quickly as the world of data storage. But the lesson of the thumb drive can be applied to many personal and business decisions. While some strategies and decisions stand the test of time, others can stagnate or fall behind the pace of change, leaving you with the equivalent of 512MB in a 32GB world.
In your business, do you regularly re-evaluate these things?
- Your competitive offerings in a changing consumer landscape?
- Your vendor contracts and pricing? (Pretty much everything in your overhead.)
- Your employees, systems and processes?
- Your strategies and long term plans?
- The evolving impact of regulatory change or technological breakthroughs that relate to your industry?
In your personal life, do you regularly re-evaluate these things?
- Your investment strategy? College vs. Retirement savings?
- Your health and the habits that impact it?
- Your personal goals? (Probably different at 40, 50 and 60 years of age then what they were at 18, 25 and 30)
- Your relationships, commitments and responsibilities?
The goals you set and the methods/tools you use to achieve them do not need to constantly change. (While I’ve long put aside the 512 MB thumb drive, I still regularly use the pocket knife I purchased in 1989.) However, you do yourself a huge favor to occasionally take objective stock of yourself and your business to make sure you’re in the best possible situation available today.
Need a little guidance? An objective opinion? A different perspective? I can help. Let’s get started.