Tough Decisions

Have you ever noticed that when new opportunities present themselves you tend to lose focus on everything else at the time, and analyze how your life would be better if you took the opportunity?

I've spent the last 6 days analyzing TWO great opportunities that have shown up on my radar. And now it's come down to crunch time. I must make a decision by tomorrow whether to accept one of them or not. (Isn't it great having options?) The issue is, I like both projects, but cannot take them both on at the same time. Each would be ongoing.

Details of the Opportunities

Project One: Steady 8-16 variable hours a week for as long as I'd like to be involved. This project sounds like a LOT of fun! I'd be hired on a contractor basis. I'd work onsite and at home. I'd still have control over my time and schedule. BUT, I'd still have to take other client jobs to keep the income up.

Project TWO: 30 hours a week. Not an opportunity to work from home at this time. Nice income source and great benefits! But, I'd be an employee… I'd have to change the way I currently run my business. I'd consider this employer my client, and would not take on other clients at this time. My "much more part time" business would focus on writing and teaching.

5 Decision Criteria

So, how to make this decision? Here are five points that are important to me:

1. Challenge/outcome of project - I LOVE a challenge. I like to break processes down and build them back up to something much more efficient. I look at where the accounting system currently stands, and what my contribution would be to a more organized system. Will I get fulfillment from that outcome? Will there be opportunities for more challenges in the future?

2. Monetary benefit- How much will I be compensated in money and benefits?

3. Time required- Does the project require I work onsite, or can I work from home? (which saves on commuting time) How many hours per week are required? What is the OPPORTUNITY COST of the project? (what do I have to give up in order to accept this project)

4. How will this affect my family? Are the hours flexible, or fixed? I need to make sure the needs of my kids are being met as well.

5. Who will I be working with? A project requires close work with several different people. Are these people easy/fun to work with? Are they as invested in the outcome as you are?

Bonus Analysis

Today I talked with my mentor and friend, Lara Galloway about this decision. Here is what she recommends in these situations:

1. Make 3 columns on a piece of paper: 1 Year, 3 Years, 5-10 Years

2. Answer some of the following questions in each column: What do I want my life to look like? How much time do I want off? How many hours a week will I be working? How important is financial security? What kind of flexibility do I want? and more…

3. Lara says to only take actions that get yourself moving towards those goals!

How do you make these decisions?

Now take this information and think about the decisions you've had to make between two opportunities. Did your decision turn our to be the right one?


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Rebecca Tervo, CPA is a Certified QuickBooks Proadvisor who helps small biz owners run the money side of their business. Get her free video lesson: "The Top 10 Bookkeeping Mistakes Businesses make and How You Can Avoid Them" at http://products.tervofinancialfitness.com/10-bookkeeping-mistakes