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Making Decisions in your Small Business

As a small business owner, you know for sure that  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.

Always remember “IN A SMALL BUSINESS, THE MOST IMPORTANT DECISIONS YOU MAKE ARE THE THINGS YOU DECIDE NOT TO DO”

 Plan ahead

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 for it.

Be open minded and ask for help

Often times small business owners are so deep in a in all kind of  problems, they become blind to obvious solutions. Never be afraid to ask for a second opinion from industry colleagues or even your own 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.

 Be Rational

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 emotional decisions based on flawed logic that often times lead to the downfall of their business.

Communicate

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 you 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.

- Ernesto

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