Making Decisions for your Small Business
As a small business owner, it's inevitable you're going to have to make a series of decisions that will ultimately determine the success or failure of your business. Every choice will ultimately be up to you; what resources and processes will you have in place to help you decide? Learning how to put yourself in a better position to make good decisions will be vital for the growth of your business.
Decisions are often about problems. Typically, many small business owners address these problems reactively — not giving them the attention they deserve until some damage has already been done to their business. Instead, get in the mindset of being proactive. This means planning strategically and recognizing the signs of potential problems and addressing them promptly. Plan to invest time and resources into doing things the right way, and your business will benefit.
Welcome New Perspectives
Small business owners can get so deep in their problems, that they become blind to obvious solutions. Never be afraid to ask for a second opinion from industry colleagues or your personal network. You'd be surprised at some of the things a new set of eyes can see. This is especially true when you're making decisions in the areas in which you have the least experience.
If you wish to, you can establish your own board of directors made up of friends and family. This not only gives more people the opportunity to be invested in your success, but also allows you to create a unique sounding board for ideas when you welcome a variety of opinions, backgrounds and expertise. Keep their ideas in perspective, though only take the advice that coincides with your values and the overarching goals of your business.
The last thing you want to do while making a big decision is to let your emotions come into play. Always base your decisions on rational solutions that have sound reasoning. Too many times, small business owners make knee-jerk emotional decisions based on flawed logic that lead to the downfall of their business.
When it comes time for the really important decisions, always welcome feedback from the key players of your small business. Provide them with the most current and detailed information you have on the issue at hand and have them explore any and all solutions. The more you keep your team involved with the goings on of your business, the better equipped they'll be to offer advice along the way. Having a better grasp on your thought processes will also prepare them to handle impromptu decisions when you're unable to.
Great decisions lead to great business. The ability to see a problem, gather enough information from the resources available and implement good decisions will be crucial to the success of your business. Regardless of what you decide in any given situation, take the time to step back and ask yourself, "Does this decision align with my business goals?" If you're unsure or the answer is no, it will be worthwhile for you to welcome new perspectives.