As a small business owner, the decisions you make day in and day out can have a direct impact on your business, your reputation and, of course, your bottom line. Get it right, and your business will shine.
But, if only it were that simple!
We’ve all heard the grim small business failure statistics. Yet, while there are many reasons why a small business would fail, often the death blow dealt to a defunct company can be traced back to a series of poor decisions made by its owners and managers. When small business owners are unable or unwilling to see that the decisions they are making are leading their companies to the edge of a dangerous cliff, then it’s no surprise when they fall off.
Instead of moving on from a setback, learning from mistakes, and adapting to a changing environment, the business gets trapped by it.
Making mistakes is a natural, unavoidable part of business (and life), and often it’s the response, the decisions made after the fact, that not only save the business from going over the brink, but actually propel it to success.
So how can you be sure the decisions you are making are bringing your business closer to success? Consider the following three tips to get you on the right path to better business decision making:
1. Get in touch with how you make decisions.
Some people, by nature, are deliberate and thoughtful when it comes to decision making. They will spend significant amounts of time mulling over the details before committing themselves to a given idea or path. Others are more impulsive relying instead on their intuition. Then there are those select few who may find themselves somewhere in between — at times being deliberate and other times going with their gut feeling.
Understanding how you make decisions in the first place will help you understand your strengths and weaknesses so you can capitalize on your inherent abilities while minimizing potential pitfalls.
For example, if you know that you like to think things through, then the information you need to consider should be made easily accessible. On the other hand, you may want to set a deadline by which a decision must be made so valuable time and resources don’t get needlessly spent and opportunities aren’t lost.