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What is Dollarization?
Dollarization is the focus on demonstrating value. More importantly it is demonstrating a dollar value to a task, process, or other business related task. By providing value, a leader could in theory make it easier to justify a certain decision when it comes down to the bottom line.
Dollarization predominantly started with a sales force. How they could provide a value to their customers and clients. This is to encourage these individuals to purchase whatever the salesman is trying to offer to them. The concept of Dollarization is not a new one, though it’s name might be a more recent invention within the business leadership world.
How Leaders Can Dollarize
Leaders can use dollarization within their departments or organization. Leaders can utilize the benefits here to justify certain actions that they might have to undertake with implementing something different. Dollarization allows them to place everything as either a savings of money or time or an increase in budget or profits. This is a very essential element that many leaders have to undertake.
Dollarization can make it easier to see if something is going to be readily beneficial. If you can make a system easier, then it will more likely make it easier to benefit your staff. It makes them better and more productive. That alone can make a change worthwhile.
The task of justifying whether or not something is worthwhile can also be in the cost benefit analysis that many leaders and managers undertake. Leaders can use this as a way to help justify a change that a follower wants to make within their own department or organization.
You can also use it to see if a piece of technology would provide the same benefits as implementing a workplace flow. Technology is often used as a way to directly benefit an organization achieve better goals. That justification has to be made on a regular basis.
Dangers of OverDollarization
There is a trap of overdollarization. Leaders can constantly seek to overjustify what they are doing in terms of time and monetary value. When this occurs, leaders often lose sight of what they are really there to do. Leaders often fall into these routines that take them away from their real purpose of being a leader. Leaders should be focused on how well they can help and aid their staff in growing. Leaders that focus on the dollar value and how to provide that very value wind up losing sight of how they can help and aid development in other ways.