How do you make key decisions? Do you have all your checks and balances in place? Learn what to implement now so you aren’t losing out on opportunities in business.
Video Transcription
Sunshine: What loss opportunity costs are you facing in your business?
Crystal: Welcome to The Love of Business. I’m Crystal.
Sunshine: And I’m Sunshine. Let’s get to it.
Lost opportunity cot, that’s a mouthful.
Crystal: Try saying that three times in a row.
Sunshine: No, I think I won’t. That would be a lot to edit.
I don’t even really understand what this is. It just sounds like something that a boss would say to their employee to get them to do something different.
Crystal: It could be. But lost opportunity cost is the act of making business decisions. Now one decision can make you money, the other decision could possibly make you lose money. So, there’s always some risks when growing the business, in making these important key decisions.
Sunshine: The pitfalls of business. So, what’s an example of lost opportunity cost, just so I can make sure that I really got this?
Crystal: Sure. Let’s just do a quick example. Simple example. Let’s say you didn’t do maintenance on your website. Your website goes down during the holiday season, and you will lose a whole bunch of potential sales.
Sunshine: So, I guess we need some checks and balances.
Crystal: Yes.
Sunshine: So, we’re not having a high opportunity lost cost.
Crystal: Yes.
Sunshine: That’s even worse, right? Okay, so what are some things that we can implement right away to make sure that we’re avoiding these pitfalls in business of losing money?
Crystal: Sure thing. Three ways to make better business decisions so you don’t lose any opportunities. Number one, find out why the lost opportunity, negativity, losing money happened. Number two, figure out if it can be overturned into something positive. Number three, do regular maintenance and address needs to your software, your website, your computers, and technology.
Sunshine: What’s your number one takeaway from today’s video? Leave us a comment and thanks for watching.
