The Good vs Perfect Trap
Why doing something too well is just as bad in business as doing something too badly.
Every task in a company has a correct quality level
Doing something too well is a big fat waste of time and resources, and is bad for your business. For each task, your first job is to pick the quality level and stick to it.
As Good as Possible Trap
Lots of business people fall into the trap of doing tasks as well as possible. That often means putting too much time into relatively minor tasks, and so taking time away from what matters. Just because you could do it better, doesn’t mean you should.
Doing your Best is Good Enough Trap
Equally, doing your best at something isn’t necessarily good enough. If you are not an expert, and something is critical, the required level might be above your own skills and experience. Be wary of saying that you did your best - it doesn’t matter. All that matters is that you reached the required level.
Good Enough is the perfect level
Look at the importance of the task to your bottom line. That should dictate how much time and effort goes into a task.
Any more is wasteful. Any less is equally damaging to your business.
When do business people do too much?
When it’s not that important
Some jobs just don’t have much effect on the bottom line. So don’t do your best, do your fastest. Then get on to the things that matter.
When it’s a personal interest
Imagine a chef who runs a restaurant - they are probably tempted to spend too much time on the menu design, and not enough on your marketing plan. After all, food and cooking is their passion in life. But maybe the marketing plan is more important to business success.
When personality type is very detailed
Be aware of your own personal bias. If you love detail, you might be spending too long on the minor tasks
When personal pride gets in the way
The design of your business cards will have diddly-squat effect on your profit margins. Any more than 2 minutes thought on it is time you are not spending on what counts.
When designing for themselves
You are an expert in your field. But your target market are probably not. You should be adding features to your product that your clients would notice and appreciate. Anything more is a waste.
When do business people do too little?
When it’s boring / like pulling teeth.
I’ve seen countless businesses make plenty of money, just to give the majority away to the tax man because they paid no attention to the accounts. It doesn’t matter if you enjoy it or not, understanding tax and accounting is one of your most important jobs.
When personality type is more gung-ho.
Most of us entrepreneurs tend to over-estimate our own judgement and are happy to decide on a finger in the air. Be aware of your own personal bias - are you really giving the due diligence to major decisions?
When personal pride tells you it doesn’t matter.
Some people are proud to not know anything about a topic.
“I’m not a nerd, I don’t know anything about computers.”
Like it or not, you are going to spend 10 hours a day using that computer, so not putting any time or effect into the choice will likely cost you a lot in the long run.
