Mind Your Business !!

Procastination

One important way to avoid the turmoil of procrastination is to set a self-imposed deadline and realize the importance of potential deadlines.  If you need to renew your business insurance by December 15^th but want to compare quotes to get a better price, don’t wait until December 14^th to shop the market. Don’t wait until April 14^th to gather your tax information needed to submit your taxes.

The key here is to set your own deadline significantly before the actual deadline, forcing yourself to deal with the issues that could arise and prevent you from meeting the required deadline. 

For example, a business owner is selling private label products. He decides he wants to pivot to a different business model and get out of the product licensing business. At the end of the annual licensing period, he realizes he still has quite a bit of inventory left.  The license renewal date is up in 30 days.  He needs to make a decision to renew the license,  or not renew the license and try to liquidate his inventory before the 30 days are up.  He self imposes a deadline giving himself 15 days to liquidate his inventory.  If he doesn’t sell out his inventory in 15 days, he will renew the license. If he does liquidate the inventory in 15 days, he can opt out of the license renewal and pivot to his new venture.  He moves quickly and purposely to sell out his inventory in 15 days.  He proves successful and does not have to renew his previous license.  He can now move onto to his new venture.

The self-imposed deadline of 15 days caused this businessman to move quickly and sell out of inventory to avoid the expense of licensing for another year.  He is now free to move to his new business. If he waited until a week before the licensing deadline, he might not have been as successful in liquidating his inventory.  His failure to set a self-initiated deadline would cause him added expense and a delay in his plan to pivot to a new business model.

Business Ad Staff Writer