Profit

Profit is simply the surplus of something after taking out the cost.  Classically profit is defined through numbers or more specifically money.  You can also apply the concept to many areas of your life.  It can help with the choices you make.  Here are some areas where you might want to consider the profit involved.

Relationships:  Profitable relationships have some benefit to them.  The cost to you is the time, energy and emotion you put into the relationship.  The profit are the positives that come from that relationship which range from great memories of times spent together, knowledge from others’ wisdom or emotional support, to name a few.  You’ll know it’s an unprofitable relationship when you’re feeling an emotional drain – you may want to cut your losses.

Time:  That’s why the phrase is “spending” time – the cost of your time is expensive.  Time is one of the few things you can never get back or have more of.  Spend your time on things you enjoy, that you benefit from.  Experiment and track how you’re spending your time for a week.  Beside each activity indicate if it is a benefit to you and something you enjoy.  See what percentage of your overall time is spent on those activities.

Social media:  There are so many platforms to connect with others.  Keeping up with all the sites can be exhausting.  Make a list of all the sites that you’re part of.  Write out the benefit you receive from each site such as personal connection, new business, building market awareness or traffic driven to your business website.  Track how much time those sites take to review and maintain (your cost).  Evaluate the profit associated with each site- are they all profitable?

Exception:  If you’re just starting to use a particular social media venue, you may want to do the evaluation after three to six months.

Television:  A bit of television can be very profitable – you can get the news quickly, enjoy a show that teaches you something, or relax and unwind with another that’s entertaining.  I know some people who turn on a television as soon as they step in their door and leave it on until they fall asleep.  Constant background noise clutters up your thought process, it stops your creative mind from thinking.  The noise can exhaust you over time – very unprofitable.

If this has become your habit, play with this exercise.  Unplug your television.  When there is a program you consciously want to watch, plug it in and sit down to watch it.  When it is done, unplug the set once again.  Do this for one week and see what happens.

Is your life filled with profit or are you operating at break-even or a loss?  What costs (activities) could you eliminate?  What other areas do you use the profit analogy with?  Leave you comments below.

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