While starting and running a company, you will make thousands of choices. Some decisions are significant, and some are small, but each will affect your business in some way. As time goes on, you may wonder whether there are any strategies you can implement to increase the chances of making the right decision.
Good news: There are. During the decision-making process, taking the time to perform a cost-benefit analysis (CBA) can help you determine the best course of action for a particular situation.
Just what is a cost-benefit analysis? It’s a process that allows you to compare expected potential revenues versus expected potential costs so you can better determine whether an option is right for your company.
In this article, we’ll cover everything you need to know about cost-benefit analyses and how they can help you grow your business.