#94 What is the true cost behind the cost?

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Just because you spent less $$, doesn’t mean you paid less!

Thank you for calling GIH where we instigate growth one call at a time where we utilize antiquated technology to deliver 3-minute leadership lessons every day of the week! This is message #94 and I am Aaron Havens.

What is the cost of that thing that you just purchased?

What is the cost of that errand you just ran?

That vacation you just went on?

The new hobby you just started?

How much did your workout routine cost you this morning?

The question is… what is the true cost behind the cost?

OK, let's break this down for a second. Life is a give-and-take. And we are continually running cost analysis in our head. By me choosing to do something, I'm actually choosing to not do anything else. By me putting my applying and limited resources in one direction, it is at the expense of those resources being applied elsewhere.

I was consulting a quick service restaurant and asked some pretty pointed questions. The owners determined that instead of getting their Pepsi products from the Pepsi distributor brought to their store. They would drive to the local Sam's Club and pick up cases of Pepsi. It on paper was cheaper, yes. As we talked through the scenario, I said what's the cost analysis. You could possibly save 5 to 10 bucks a week doing this, that’s good… but what are you giving up to achieve this? Let's get nit picky about it, who's vehicle did you take? Who paid for that fuel? Did you pay an employee to do that or even worse… did YOU go do that? And at the end of the day how much time did it take you? Could that time have better spent in other ways? Maybe you should've been networking, or getting catering events, or working on brand awareness…. Or really any other thing that could add value that only they could add. Get it?

My friends what's the true cost behind what you're doing today? Please consider of course “Fiat money” or hard cash currency, yet also please consider energy & time and the less tangible cost.

Where today are you thinking you're getting something cheaper spending less than being wiser, however, it is actually costing me way more? Will you do a cost analysis of your time today?

Thanks for calling in today. Tune in tomorrow for a fresh new topic. At the sound of the beep: I challenge you to do a time trail. Where did you spend your time today, and how much did it cost you to invest that time the way you did?