As we hear so much in the news lately about tax reform, it got me to thinking about the terms assets and liabilities. The goal in life and business is to have more assets than liabilities. Lately, I have begun to put this question to the test in my life and business but through a little different lens.
When it comes to the restaurant the question I have been starting to ask myself with each team member that we have is if they are an asset or liability to our company. Success in our business is super simple on paper, yet elusive to achieve in everyday application. To succeed in the restaurant business, you need to have a clean restaurant, be friendly, make great food and provide a memorable experience to the diner. As I look at each team member, the question is simple, if they help us achieve these four things they would be an asset to our company. If they do not help us achieve these four objectives, then they would be viewed as a liability. Our job is to make sure that we have as many assets as we can working together towards our common goals to be successful. If we have someone that we view as a liability, it is our job to try to turn them into an asset. A straightforward exercise is to take an employee list and mark each one as an asset or liability. Then next to the liability marks record why and try to put together a plan to get them into the asset category.
In my personal life, I look at all of my relationships the same way. I look at each person that I spend my time with and ask myself if they help me be a better person or not. If they do then they are in the asset column, if not I need to look at them as a liability. Similar to the concept that you are the average of the five people that you spend the most time with. People you spend your time with can either help bring you up or hold you back. The way to look at assets and liabilities in your personal life is to look at how you spend your time. Every person is given 168 hours in a week. I have to challenge myself sometimes to ask how I am spending my time. Is what I am doing considered an asset or liability. Certain activities help us become successful and achieve our goals and dreams and then there are those activities that waste our time and our efforts.
When it comes to all of the above situations, the key is to figure out which people and actions give us the most return on our time and investment. One thing I have learned is that very few people or activities are neutral. Almost every choice we make or action we take has a direct impact on our future. Challenge yourself to write down one thing that you want to stop doing next week that will help you be more focused and intentional.