Decisions. A returning topic to this newsletter. Why? Because life and business consists of picking one thing over the other. This is what separates successful companies from bad ones: they make better and faster decisions. So if we can improve that, we have a much higher chance on actually achieving success.
Recently I read something that could be a huge help: make sure to factor in the timing of economics when making economic decisions. This is a subtle difference from just factoring in economics. For most decisions, their timing matters as well.
A good example are airline tickets: book too early or too late and you’re likely to overpay. While this is easy to see in a simple example, it’s quite easy to overlook the timing when considering economic impact if you’re thinking about more complex situations.
Returning to product development: certain properties of a new product should be decided on quickly. Others can be picked a lot later. Compare choices that have a lot of impact on the underlying infrastructure versus relatively simple changes in copywriting. Each of those not only have an economic value, they also have a cost associated with it, which changes over time.