Make business-saving decisions look easy
The last year has been trying for all business owners, and the nationwide lockdown, the new risks that came with the COVID-19 pandemic and the struggling economy have all devastated companies. I often see that business owners blame challenges such as these for their companies’ failures. However, if there is one thing that I have learned so far, it is that focusing on the challenges over which you do not have control, rarely helps a business.
Rather, it is much more constructive to put all of one’s energy into the one thing that can be controlled – one’s decisions. It seems simple but recognising this fact does indeed make a difference. It informs how we react to the uncontrollable events and how we ultimately get our business past their problems in the face of seemingly overwhelming odds.
With that said, the hardest decisions often seem like things that we cannot control. One example that comes to mind is the decision that many entrepreneurs have to make regarding digitalisation.
Consider that the world is increasingly moving towards the digitalisation of almost everything. We see more and more that companies who don’t adapt to this truth, simply run aground. Yet, following through on the decision to digitalise one’s business often seems to be an insurmountable task that is fraught with risk.
After all, it entails retraining staff, managing data import risks, possible disruptions in operations, and a slew of other moving parts that you usually cannot afford to get wrong. Unfortunately, indecision is ultimately much more destructive to a company.
With many possible outcomes to consider, the age-old question really is how does one take control, make the right decisions, and follow-through in the best way possible. I for one, believe that taking control of your business decisions depends on three very important principles.
Seek perspective
Todd Mckinnon, CEO, and Co-Founder of tech company, Okta, writes that he gathers many opinions from different people before making a decision. A vital first step is to gain as much understanding of one’s choice from those with experience in the issue at hand. Consultants, mentors, and service providers are invaluable sources of information. In addition, I can say from experience that regardless of the size of your company you’ll always be able to find a consultant or a mentor that suits your needs (and pocket).
The most important caveat that I can offer here is that you still need to look carefully before finding the person who can give you that perspective. Looking at reviews, getting references from previous clients, and ensuring that you resonate with your chosen expert, pays off in the end.
Stay up to date
Research is, unfortunately, a weakness for many business owners, but is one duty that all entrepreneurs need to embrace. To start, I can almost guarantee that your idea or decision has been tried in some form or another. Looking at companies that had to undergo the same changes that you are currently considering, gives you an idea of what to plan for.
At the same time, staying up to date with one’s own industry and the direction that it is going, also shows you a lot about whether you are thinking along the right lines.
Plan the steps from day one
When it comes to executing your decision, you have to think about how you will ensure success and manage risks. Dividing your ultimate decision into steps is the best road map forward. However, this principle needs to be present throughout your decision-making process. Once again, this is where mentorship is essential.
A good mentor will challenge your decisions from the start by asking you how you will practically execute them, and offer guidance on how to break your business choice up into smaller parts.
Keeping these three main principles firmly in one’s sight gives you the best chance at making those choices that help your company to weather the storm. Just remember - you cannot control external factors, but how you react will determine whether you overcome them.
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