Financial Non-Financial Financial Decisions
We recently extended our hours at Northern Vessel. Instead of being open until 3PM on weekdays and 2PM on Saturdays, we're now open 6AM-6PM, Monday through Friday. This is a huge shift for us, bringing many opportunities and some potential downsides.
As a team, we've discussed ideas to create a stir and spark much-needed late-afternoon activity. We've tossed around some wild ideas, ranging from questionable to all-out insanity. I'm leaning toward a few of the wilder ideas. However, we've also recognized that enacting one or more of these crazy ideas would certainly not be a "good financial decision" for us. One could dare say it would be a terrible financial decision.
This begs the question. If something is a terrible financial decision, is it, by definition, a bad decision? Conventional wisdom says yes. If, as a family or business, we make a decision that knowingly hurts the bottom line, we collectively view that as a bad decision.
What if it's not really about money, though? What if we're making decisions that are knowingly bad, financially speaking, but serve the greater purpose in profound ways? It can feel muddy. It's almost like a financial non-financial financial decision. We're making decisions about money, but it's not really about money, but it deeply impacts the money.
Sometimes the best decisions look like bad financial decisions, and sometimes the best financial decisions are actually flat-out bad decisions. In the case of NV, we're looking to spark a certain type of behavior, draw attention to a less obvious product line, and maybe bless our guests along the way. We'll no doubt endure some financial consequences, but it could be one of the best decisions we've ever made.....or not. But there's only one way to find out!
I see the same thing in my coaching. I regularly encourage people to make what could be considered "bad financial decisions." However, these counter-cultural decisions are rooted in behavioral science and a bigger purpose. Again, the goal isn't to have more; it's to have better. Sometimes, having better means making "bad financial decisions."
I'll soon begin a series about "bad financial decisions." In the meantime, I want to hear from you. What are some "bad financial decisions" that you've made, whether personally or professionally, that were actually good decisions? Hit reply to your e-mail, or if you’re reading on the website, drop a comment below. Can’t wait to hear your stories.
Have an amazing day!
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