Extra Points: The Cost of Waiting

I enjoy cooking. While weekends seem to allow me more time to try new recipe ideas, the weekdays can also be a good relief from the work day. Barb and I try to share the duties, although I often need reminding (which won’t shock many of you who know me well). When it’s my turn, I have great intentions of starting the process early by taking out anything that’s frozen and making sure that I have all the accompaniments ready to go.

Then the day gets started, and I decide to wait and do it when I take a break. I’m reminded about 4 pm when Barb says, “So, what’s for dinner?” I have a definite cost of waiting (or cost of not doing anything). It usually entails loss of my time and money in running to the store to buy something I can quickly put together! The meal is never as good and keeping up my part of the bargain is diminished.

We all are guilty at times of waiting on things we know are important. We are waiting for some extra time, the right time, or we aren’t sure if we even want to do it. Whenever you do a cost benefit analysis on your decision-making for moving forward, ask yourself this question, “What’s the cost of waiting – or the cost of doing nothing?”

Let me share with you three examples from my business and industry:

The cost of not creating a business continuity and disaster recovery plan is that a crisis happens and you lose hundreds of thousands of dollars to your profitability and company value.

The cost of delaying purchasing life and disability insurance is that you suddenly can no longer work – due to death or disability – and the people who are most counting on your income no longer have it available.

The cost of not developing leaders in your company through strategic planning and training turns into decreased employee morale and increased turnover, damaging your brand and company value.

Here’s the deal: We are all very busy and often don’t intentionally procrastinate. If you make asking yourself the question I posed above a part of all your decision-making, the cost benefit analysis will determine it’s priority.

Here’s your assignment for this week: What have you been putting off until “the right time” that would have a terrible consequence due to the delay? We all have one. Identify and fix it this week and you’ll be one step closer to improving your costs!

~ Ralph Waldo Emerson

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