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Home » Business And Finance Articles » Questions To Find And Implement Fast Solutions For Accomplishing 20 Times As Much

Questions to Find and Implement Fast Solutions for Accomplishing 20 Times as Much

You should assume there are many pathways to creating a 2,000 percent solution (any way of accomplishing 20 times more with the same time, money, and effort) that improves a high profile benefit while enhancing many other benefits as well. With these questions, you will identify the opportunities that you want to use the eight-step process to develop.

1. With unlimited resources and skills, how would you create the most immediate and valuable benefits for your customers and end users?

Since no organization has unlimited resources and skills, this may sound like a hypothetical question. Our experience has been that there are usually ways of approaching the level of unlimited resources and skills by joining with other organizations and individuals whose positions are complementary to your own. By addressing "what" needs to be accomplished, then it becomes easier to consider "who" you need to work with to get the results you seek.

2. What resources and skills do you lack now to implement those ideas?

Make as extensive a list as you can to identify what is missing so that you can separately focus on how to fill in each gap.

3. How can you eliminate these resource and skill weaknesses through adding information and knowledge?

Your choices include hiring people who already are well informed and knowledgeable, helping those who work for you to add the information and knowledge that they are missing and involving suppliers and potential partners.

4. Which organizations are in the best position to put into practice the ideas you have for your organization?

Naturally, if you can draw on all the resources and skills from a few (or even one) organizations, there will be faster progress towards your goal. Otherwise, coordination with too large a group of other organizations can make implementation unusually difficult.

5. How can you interest those organizations in working with you, rather than one of your competitors?

This is an area where imagination helps. Organizations that are more capable than yours are already quite busy pursuing opportunities in which they do not need to share the rewards. Your opportunity needs to put some of their current opportunities to shame by comparison, even after you reap your expected reward from the new success. Clearly, this change in priorities is easier to do when the other organization is smaller than yours. The best opportunities for you, however, will probably require help from those who are much larger than you are. How can you make that organization's involvement be simple, easy and enormously attractive?

Here's an example. Goldcorp, a gold mining company, engaged many of the best mining geologists in the world to help identify Goldcorp's best exploration possibilities through a global contest with prizes of about $500,000. As a result, the company located over a billion dollars in gold. How could you pursue a similar approach to add the resources and skills you need?

Copyright 2007 Donald W. Mitchell, All Rights Reserved

And here is another random article you might be interested in...

The Basics of Life Settlement and Viaticals

Individuals 65 and older or someone being faced with an expensive medical illness who is in need of a large sum of money, you have an option that may be better for you than seeking a personal loan. If you have a life insurance policy, you may want to consider selling it to a third party to receive the money you need.

As an elderly person, you may be faced with bills you cannot afford. You may be retired, to tired or unwilling to go back to work at your age, and not able to pay your living expenses. In other cases you may just not need your policy anymore, such as if you no longer have a beneficiary.

As a terminally ill individual, even if you don't want to treat the illness because the prognosis is poor, you still will want the rest of your days to be bearable and pain-free, which may require costly procedures or medications. Those in this position are often on a fixed income and unable to afford the portion of the bills that their insurance may not cover. On top of all this, you may come to a point where you are unable or too uncomfortable to care for yourself and live completely on your own.

What are viatical and life settlements?

A viatical is where someone who has been diagnosed with a terminal illness decides to sell their life insurance policy to a company who will take over the beneficiary status and payments on the policy in exchange for a lump sum payment. A life settlement is essentially the same thing, except that it involves an elderly person, who may be completely healthy.

If you would like to consider a viatical or life settlement, you may want to find out how much you will can receive for cashing in your policy. Many companies that purchase such policies will give close to the face value of the policy, but the exact percentage will vary.

What are the benefits of a viatical or life settlement?

There are many benefits that a viatical or life settlement can afford a retired person or someone that has been diagnosed with a terminal illness.

- You may need the money to pay for your current living expenses or on anything else of your choosing, such as a trip or vacation.

- You can use the payment you receive to pay off mounting medical bills and buy medication to help manage the pain of your illness. Hopefully, you will be able to claim a good amount of this on your Medicare or other insurance policy.

- You may also want to consider using the funds to pay the costs of living in a retirement or nursing home. It makes sense to want the time you have left to be as carefree as possible.

While you are still healthy enough, you can spend time joining in activities with your peers and you won't have to do other things, such as cook meals. As your condition progresses you may become less able to do many things on your own. When this time comes you will already be at a place where you can receive daily help and where you have already formed a relationship with the staff.

What are the drawbacks of a viatical or life settlement?

Although viatical and life settlements may seem like a dream come true, there are some drawbacks. For instance, there is a reason you decided to purchase life insurance in the first place - to pay for funeral and burial costs and to take care of your family after your passing. This may be the biggest factor that would keep one from cashing in their policy. The good news is that you can make arrangements that continue to keep your final expenses from being a burden to your family.

First, you can look into using a portion of the money you receive to purchase a burial plot for yourself, as well as a casket, funeral home, and other related expenses. Also, you probably purchased your policy in your younger days - when you had minor children to be concerned about if the worst were to happen. Now that your children are grown, you can use the money to take care of your own needs.

How to make the decision that is right for you

When making your decision on whether or not to cash in your life insurance policy, you will want to take all of the above factors into consideration, as well as talk it over with your spouse, children, and doctors.

- You and your spouse should make the final decision together. After all, they are the ones who would receive the remainder of your policy if you were to keep it. You both need to consider the cost of comfortable living expenses for your spouse and if they would need the life insurance funds to achieve that.

- You should also discuss this with your children to get another perspective. Furthermore, you can use this opportunity to explain to them that all of your arrangements will be taken care of with a portion of the money.

- If you have been diagnosed with a terminal illness, your doctors can let you know how quickly they expect your condition to move and help you come up with a rough figure of what it may cost. You will want to be sure that, if you choose a viatical settlement, it will be enough to support you during your illness and pay for your arrangements after your passing.

A viatical or life settlement may be the best choice for a retired person who no longer needs their policy or someone with a terminal illness who has an overwhelming amount of expenses to pay. They may have little income as it is, insufficient healt insurance, or not want to burden their family. If this sounds like you or someone you love, find out the details about the policy in question, figure out if it will be enough, and talk it over with those involved. You may end up with a great solution for everyone.