Know ERRC and Finances

10:33:00 AM Rhea Mocorro 0 Comments

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Have you heard about the blue ocean strategy? Don’t you know that this is not only applicable to companies and businesses? In fact, you can be also be able to implement such strategy in your finances. Take for instance their ERRC Grid or the Eliminate, Raise, Reduce, Create Grid.

According to the Blue Ocean Strategy Site, the ERRC Grid compliments the Four Actions Framework. It pushes companies not only to ask the questions posed in the Four Actions framework but also to act on all four to create a new value curve, which is essential to unlocking a new blue ocean. By driving companies to fill in the grid with the actions of eliminating and reducing as well as raising and creating, the grid gives companies immediate benefits.

So how can we connect the ERRC grid to our finances?

Give yourself time to assess the things that you can eliminate, raise, reduce and create that will surely help keep your money.

When I was given this task before, it took me a good two days to really define the things that I want to eliminate, raise, reduce and create. To help you with your own personal assessment, allow me to expand the ERRC grid.

Eliminate

Which factors or items can you eliminate that will surely help your finances? What are the unnecessary things that you spent on that you can live without. What expensive items do you spend on that you can just get rid of?

Raise

Which items do you personally think that you can rise up to help you with your finances? Should you raise your income? Should you raise your knowledge in order to help you with your financial situation?

Reduce

What factors or current things you do that you can perhaps reduce that can directly affect your money? Should you reduce your expensive coffee trips? Or maybe you can reduce your shopping spree.

Create

What factors or items can you create to help you with your money or your finances? Should you create a new business or perhaps create a new investment scheme.

Truly the ERRC Grid is one good way for us to revisit our expenses, our income and our finances. It would be wise that you be honest in your personal investment so that in the end, you would be able to maximize your money and your income. Having this as a guide will truly set everything into stone. Whatever your money goal is, you can always insert this model to help you out. So what are the things you can eliminate, raise, reduce and create?





P.S. To those doing the 52 Week Money Challenge and 52 Week Money Challenge Version 2, it is Week 17 already! Did you deposit the next amount yet?

P.P.S Want to know more about investing, savings, stock market and more, check out my reference here. You can download free ebooks and resources too.

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