Planning for goals might feel overwhelming and easy to lose track of — in both business and personal finances. But there is a foolproof way to work your way up to larger targets. In this post, we will share everything you need to know about the Low-Hanging Fruit principle for business.
You may be wondering “what is the low-hanging fruit principle?” Don’t fret– below you will learn: 1) how it works and how it relates to your personal finances, and 2) how loans, when used smartly, can help you start achieving your goals. If you want to know more about the strategy that helps you be more successful in business, this post is for you. Go ahead and take a step towards taking charge of your finances!
What is low-hanging fruit?
Imagine yourself as a fruit picker under a tree. The easier fruits to pick are the ones hanging from the lower branches — you can pick one with just one easy move and go on to the next one. The definition of low-hanging fruit in business is just that: the idea that businesses should focus their efforts on easier tasks that generate quicker results.
The expression “low-hanging fruit” refers to easy and quick things one can do to get results. It is the easy stuff that can sometimes be overlooked when thinking about the big picture, but takes you one step closer to your goal.
When you pick the low-hanging fruit, the gains may not seem to be relevant or the most desirable, but they are still worthwhile. One task checked off is one step closer to achieving a larger goal, which creates excitement and momentum to keep going. That is what makes low-hanging fruits so valuable when talking about business and finance.
How can this principle help my business?
Picking the first task is a matter of cost-benefit analysis. This process entails summing up all the costs and benefits of a particular decision and choosing the option with the best ratio. Using this analysis, you can put a dollar figure on all your costs and benefits, simplifying the decision-making process.
For businesses, the low-hanging fruit principle helps identify goals that could put them on track for staying afloat or even growing. It is about identifying positive opportunities to advance more quickly.
A loan is one easy lever that many businesses use to increase cash flow in order to go after low hanging fruits more effectively and hit targets faster. By putting money into the operation, you are one step closer to achieving goals and getting results.
Can I apply the low-hanging fruit principle to my personal finances?
First, the concept of finance is not exclusively for corporations — anyone can benefit from applying successful business principles towards their personal goals. Understanding your personal finances as a financial tree can help you tackle your challenges and enjoy the fruits of your labor.
If you think of your personal finances as a tree, you can spot the low-hanging fruit — the most easily attainable goals. They usually lead to the quickest results, making you more motivated to tackle bigger challenges.
Downsides of the low-hanging fruit
The low-hanging fruits are not always better or tastier — sometimes they are just the easiest ones to grab. However, when you are starving and in need of sustenance, these fruits may be exactly what you need to keep going and climbing that tree for better ones.
But remember: low hanging fruits should be seen as exactly that — the better option for that moment. Focusing solely on the low hanging fruit might make it harder to achieve your main goal. The allure of easy challenges and quick results can be distracting from the most valuable and challenging outcome — whatever it may be.
So how can you avoid making that mistake? The key is tackling the easier tasks, keeping in mind how they affect your main goal. It is about constantly rethinking and readjusting the big picture.
How to pick the low-hanging fruit?
The low-hanging fruit can vary for every individual — their goals, challenges, and financial profiles. The key is determining which tasks can be easily solved, with relatively low effort, and bring quick results.
Some goals will be easier to achieve than others. Some can even look too small to the untrained eye, but each one achieved is another step closer to the main aim — one small step towards a giant leap.
For a business, the low-hanging fruit might be increasing the cash flow. For one individual, it might be paying off a particular debt that has higher interest rates. For another person, it could be consolidating debt.
According to a 2021 CNBC report, the average American has $90,460 in debt. It can vary from student loans to credit cards and personal loans. The low-hanging fruit in this scenario could be consolidating your debt.
Consolidating debt is a way to take charge of the bulk of the debt and work out a realistic time frame to pay it all off. By taking out a loan to consolidate your debt, you will still be in debt, but have just one lender and one interest rate. This might help save money in the long run if you are able to negotiate better interest rates.
Even if you do not have the highest credit score, there are options to consolidate your debt. There are options of loans for bad credit that can help you take that step towards taking control of your finances.
We can help you!
OneBlinc is a personal lender that offers competitive rates to help you achieve your goals. At OneBlinc, you will find a team of experts offering financial solutions to help all kinds of people overcome their financial challenges.
Unexpected things happen more often than we would like them to. That’s why OneBlinc is here to help, whether you have an emergency or just need that extra cash to go through the end of the month. We believe in people, and we understand that everyone might need money someday, somehow.