How a tiny change can have a huge impact
Try altering your business and your life by just 2 percent
Here’s something actionable for you on a Monday morning. If you want to improve your business, in addition to all the other things you are doing, focus on changing things by 2 percent.
For example, raise your prices 2 percent. Eliminate 2 percent of your variable costs. Focus on the bottom 2 percent of your team and ask yourself if you really want them on your team.
When you cater in food for a meeting, arrange a long term relationship and ask for a 2 percent discount. Take advantage of any pre-pay or early pay opportunities from vendors who offer a 2 percent or greater discount.
Go through all of your recurring payables and ask yourself the question “Do we need this?” and see if you can cut at least 2 percent of them. The next time you buy something from the Apple store, ask if you are getting a business discount and, if not, ask for one.
If you get paid online using credit cards, explore options that are 2 percent less expensive. If you travel a lot, consider doing 2 percent more video conferences.
This works for your personal life also. Do you want to lose some weight? Eat 2 percent less and exercise 2 percent more. Are you tired? Sleep 2 percent more. Track your heart rate and see if 2 percent more sleep will lower your resting heart rate by 2 percent.
Cancel 2 percent of your meetings. Spent 2 percent more time each waking day with your spouse, kids and parents. Take a 2 percent break during the day and spend it alone going for a walk, fishing or just sitting quietly on a bench.
You get the idea. As entrepreneurs we spend much of our time on transformative change. When I was president of Feld Technologies, I remember putting energy with my partner Dave into incremental change, especially when we were running short of cash. Don’t forget the 2 percent. It almost always flows directly to the bottom line.