success - Turbo Coach, achieve breakthroughs - Brian Tracy
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106<br />
<strong>Turbo</strong><strong>Coach</strong><br />
could increase the productivity and profitability of his business,<br />
even though he was now paying slightly more money<br />
for his components. This is a classic example of stressing<br />
your comparative versus your absolute advantage.<br />
Carefully examine your own business. Which of your<br />
products and services yield the highest return? These represent<br />
your comparative advantage in the marketplace.<br />
Ask the same question about your internal processes.<br />
Could you increase the productivity and profitability of your<br />
business by focusing your resources on these and purchasing<br />
or outsourcing all others?<br />
Application Exercise<br />
1. What are the 20 percent of your activities that produce<br />
80 percent of your results? These represent your<br />
personal comparative advantage.<br />
2. What are the 80 percent of your activities that account<br />
for 20 percent of your results? These are candidates<br />
for delegation or outsourcing.<br />
3. What is your current hourly rate? (Divide your annual<br />
income by 2,000.)<br />
4. Are there activities that you currently do that you<br />
would not pay someone your hourly rate to do? These<br />
are candidates for delegation or outsourcing.<br />
5. Which of your products or services represent the highest<br />
return on investment of your business’s resources?<br />
They represent your business’s areas of comparative<br />
advantage.
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