In real estate development, there’s an expression: “highest and best use” – it refers to something that is permissible (by law), possible (can be executed), financially feasible, and maximally productive. Whether you’re self-employed, or you work for someone else, this is a concept you can apply to your work, and to your selection of customers. Because it’s precisely why targeting is so important.
Often, business opportunities will present themselves. If we don’t have a full pipeline, or revenues are down, or we’re just starting out, it can be tempting to work with any customer who comes in the door. But this can be a bit of a trap. These customers that aren’t “maximally productive” (or prevent us from being maximally productive), may keep us working in our businesses, long after we should be working on our businesses. So while it’s prudent to make sure there’s money coming in to keep the wolf from the door, it’s important to carve out time and space to cultivate the right customers – the ones that will let you make highest and best use of your time, and your business.
I’m Megann Willson, and I’m one of the partners here at PANOPTIKA. PANOPTIKA means “seeing everything” – because we work with our clients to help them see everything they need to consider to make better decisions and grow their businesses. You can find us on Twitter, LinkedIn, Facebook, and please subscribe below to receive our monthly newsletter for more News You Can Use.