How to make smart decisions in business and life
Resource allocation is how a CEO makes decisions about how to use their key resources: money and people. As individuals, we make similar decisions.
Here are some ways you can begin to allocate your resources like a CEO:
Know your Goals - Long Term and Short Term
In order to make informed decisions, consider both your short and long term goals. Also, try framing your long term goals into many short term goals. Once you have determined these, you will clearly see which goals need your resources right away.
Knowing your goals will also help you redirect resources away from activities that don't achieve them. For example, if you have a goal to become a better public speaker, as part of an overall goal to move ahead in your profession, then taking 50$ away from an entertainment budget and redirecting it to your Toastmasters sessions would be a wise allocation.
Manage your Human Capital:
For a CEO, human capital is comprised of all of the human talent that they direct. As an individual, your human capital is yourself and your relationships.
Yourself - Know yourself, your strengths and your weaknesses. How else can you allocate what you don't understand? Work toward your self-awareness.
Your relationships - Just as CEOs need to deal with all kinds of people in order to progress their organizations, so do you. The key is to nurture your relationships and understand how each of these relationships helps you toward your goals.
At the end of the day, realize that the onus of control rests with you. These decisions are yours to make, and the life you lead will result from them. Others around you will always be vying for a piece of your resources, be they human or financial. Remember that it's your prerogative to make the allocation, not anybody else's.
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