Mike Michalowicz presents the 10-10-10 decision method: imagine how you'll feel in 10 minutes, 10 months, and 10 years. He walks through two examples: office furniture looks good short-term but costs money mid-term, and employee bonuses fade fast while a company party creates lasting value.
Welcome to Honor Roll, and now here's your host, Mike Michalowicz.
Is that incredible intro music? It sure is. Welcome to another episode of Honor Roll. I'm your host, Mike Michalowicz, and it's been like 2 or 3 easily days since you saw the last video. Well, in this new one, I want to start off by first thanking my awesome Premier corporate partners: American Express, DexOne, DexDigital, Skype, Prevendis Group. I said Skype already, right? And Skype's the newest, by the way. So thank you guys at Skype for joining us. Thank you for supporting entrepreneurs. Woo! Alright, so let's get right to our tip. It's called the 10-10-10 decision method. You know, when you're making a decision, often you go with your gut instinct, and then it burns you later on, it's probably because you haven't applied the 10-10-10 decision method. And this is how you do it. Whatever the decision is, think about one of the actions that could result of it. I'm thinking about buying new office furniture for my entire office. Okay, if I was to buy new office furniture for the entire office, what would I feel like in the next 10 minutes? I feel good, we upgraded the space. But then how would I feel in the next 10 months? And then the next 10 years. Well, in 10 months, I may see a little lower profitability. In 10 years, maybe I won't even remember. And when you look at it in 3 installments, you can make a much more educated decision. It's gonna hit the numbers this year. In 10 years, it may be boosting morale and be a good thing, and immediately people are gonna be excited. Maybe it's a decision to go with. But other decisions that you think are great in the moment, like, "I'm gonna give a bonus to all the people in the office." When you look at it 10 months from now, oh my God, we don't have enough money to even cover that. It's going to hurt us. And 10 years from now, no one's even going to remember this flash bonus. Maybe you'll instead have a company party. Start using the 10-10-10 decision method for every decision you've got to make. That simple. Thanks for watching Honor Roll. And thank you, Skype.
