Hello and welcome to Business 300.

My name is Philip Kulenshov and this is 300 seconds about business.

We're all a busy people, so I have five minutes or less to get my point across.

Five minutes. Set ready go. Business owners know that they need to work on their business and not just in it.

Another way of saying that is that our work should be improving our business. As the owner,

my job is to make it better. But when there are so many opportunities for improvement, how do you know where to start?

What is the most efficient and effective way to go about making things better?

In one way, making any improvement is good.

Your business is better for it if you made a part of it better.

Making things better is in itself more effective than spending all your time only thinking about what should go first.

Planning is good,

but planning at the expense of action is counter good. However, there are better ways of doing good things. If we want to improve, we want to improve in the best way. There are ways you can compound

your improvement effort in order to leverage the initial result towards more improvement. As in all things,

there are a variety of frameworks, many of which are helpful. There are different ways to approach

this question. The framework I have for you here is my go-to to get clarity quickly and efficiently

and get to action. I like using the effort and impact matrix. It's not original to me,

but I've made it my own. If you can picture a matrix with effort on the y-axis from low to high,

and impact on the x-axis from low to high, as areas for improvement aren't covered,

give them a quick rating as to how much effort is required to solve the problem,

and a second rating as to how large

of an impact would result if the problem were to be solved.

You can use whatever kind of numbering scale you'd like, but let's keep things binary

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