Pro Tip: Opportunity Cost

Opportunity cost is the cost of making one choice over another. While people often think of it as the result of choosing option A over option B, it can also be the the cost of not making a choice at all. Unfortunately, it can be very difficult to quantify this cost in advance, even though retrospectively it is often apparent what the cost of making (or not making) a choice was. When evaluating possibilities, the pathways forward in your business, think about the options for change available to you but don’t neglect to think about the possible cost of complacency. It can often be the highest.

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