December 8, 2015
Opportunity cost is defined as the cost of a resource, measured by the value of the next-best alternative use of that resource. Opportunity cost analysis is an important part of a company’s decision-making process but one that is often unseen on company financials, making it in essence, like invisible ink.
Some opportunity costs are absolutely quantifiable while others are intangible. For instance, when a company decides to use a piece of land for one purpose, the opportunity cost for doing so is the value of the benefits forgone had they chosen the next best alternative for the land. However, opportunity costs are not restricted to monetary or financial value but can be accounted for in lost output, lost time, pleasure, or any other benefit that provides some type of satisfaction.
Wouldn’t it be great if you could mitigate the opportunity cost of making a business decision knowing that doing so would provide a guaranteed positive return on your investment? In this instance the true opportunity cost would be in not making any decision at all; deciding on maintaining the status quo. Although it may appear to be the safest choice, it would most certainly not be the smartest one. As the owner or manager of a business, expectations exist to improve profits and boost the company’s financials bottom-line. Therefore, not making a decision like this could very well cost you company profit, or even worse, your job or your entire business.
So where does such a Utopian opportunity exist? Would it surprise you to know this opportunity may be right in front of you? In Frontline Profit Machine, Ziad Y. Khoury provides a detailed blueprint for exploding profits with your existing sales and service team along with powerful tools to help determine just what the opportunity costs are for ignoring potentially profit-draining frontline sales performance.
If you are looking to buy a business book, Frontline Profit Machine is a great place to start. In this must-have book for business and sales professionals, Khoury describes in detail how to perform a Gap Analysis, which compares the current state of your organization to the Khoury Performance Equation (Right Environment + Right Fit + Right Action = Performance Potential), a critical step to achieving a high-performance, service-based sales culture. He also introduces the Profit Contribution Report, an internal management tool that cuts to the heart of the numbers. This report will expose the vulnerability that exists within your frontline sales organization and provide quantifiable opportunity costs for ignoring them! Best of all, Khoury provides ways in which you can reduce, if not completely eliminate, performance gaps.
If, after reading Frontline Profit Machine, you decide the task is too great to tackle on your own but are unable to ignore the pink elephant that now sits right in the room, don’t worry. As President of Frontline Performance Group, Khoury specializes in helping organizations of all types and sizes create a service-based sales culture. Over the past sixteen years, Frontline Performance Group has been responsible for generating hundreds of millions of dollars in increased, newfound profits for all types of clients. Until now, the only way to acquire any of the information entailed in the Khoury Performance Equation (KPE) was to become a client or attend a high-impact workshop. However, in Frontline Profit Machine, Khoury reveals all of his secrets including, but not limited to:
- How to go beyond sales “improvement” to achieve peak performance
- How to develop the right environment to nurture a successful frontline sales force
- How to implement the Khoury 6-Step Selling Process
So now you are faced with two associated opportunity costs: the cost of your time to learn and implement the KPE (if you decide to accept the challenge), or the amount of revenue that will be lost by ignoring the difference between current sales performance and your peak performance potential (if you opt for status quo).
It seems like an obvious decision, but one only you can make. After reading Frontline Profit Machine, I am sure you will make the Right Choice!