In business decision-making, they refer to it as ‘The Pillow Rate’, which sounds like something in between a John Grisham novel and a Disney animated picture about a talking pillow princess.
(You heard it here first, Disney - I expect a percentage!)
But I reserved my own judgment. And I listened as he explained it to me.
As it turns out, the Pillow Rate actually refers to the cost of comfort.
But, let me elaborate.
What is a pillow? Of course, you know what it is, but humour me. Is it something you sleep on? Is it the fabric of the cloth draped over feathers or plush, or whatever material is inside of it?
I’ll tell you how I see it – a pillow signifies relaxation, and the luxury of being able to let your head rest without having to worry about discomfort.
So, how does that relate to business?
When you're running a growing business, it can take a constant and heavy strain on you. Especially if you're in an executive position. Are you a decision maker? Then you know how much of the company's future rests on your shoulders.
And if you're anything like the average executive, that’s why you sleep with your phone right by your pillow. Just waiting for that emergency call from the office, or your business partner, or another executive telling you that the worst case scenario has happened. That something fell through and that all hell has broken loose.
And do you know why you have that anxiety? Logistically, it's because you take unnecessary risks in your decision making.
What do I mean by unnecessary risks?
Let’s take a look at some of the kind of risks that will affect your day to day business: