Time + Money + Expertise = Result

While doing business or taking on any project, I always (consciously or unconsciously) refer to a small equation in my mind. It’s what is used as a headline and it basically states that the Result that you desire comes from the amount of time, money and expertise you are able to devote to the project.

These are the 3 major leverage points / inputs available, and if you reduce any one such input, you’ll need to increase the other(s).

So to finish a project quicker, you’ll need to increase the amount of money you spend on it and the expertise e.g. instead of buying stock photography and touching it up, you hire a professional photographer.

So when taking on a project, I like to consider the options available including:
– can I do it in-house or should I hire someone?
– how much would it cost to hire someone?
– do I go with someone cheap who might need more guidance or someone expensive who knows what he wants?
– how flexible is the final result? What’s the minimum acceptable quality?

And thus, from that simple equation, a variety of potential solutions appear quite often.