The biggest business decision you will ever make
There are few decisions that sit on the top of the pile as most fall lamely into the category of part of life's journey running a business.
But, thankfully, life really isn't that boring and there are more than enough decisions to keep you awake at night or in the office until the wee hours, going over reports and analysis trying in vein to make the right decision for your business.
All while of course, people are saying to you that you need work, life balance and those long hours in the office, isn't really what you should be doing.
But, thankfully, life really isn't that boring and there are more than enough decisions to keep you awake at night or in the office until the wee hours, going over reports and analysis trying in vein to make the right decision for your business.
All while of course, people are saying to you that you need work, life balance and those long hours in the office, isn't really what you should be doing.
Often when I look at entrepreneurs that fail from one business to another, I see that many of them are fairly similar. They don't work hard or smart enough. They haven't investment in their product or service sufficiently and they run around like a 'chook with it's head cut off'. Or worse still, they spend all their time networking and telling people how great they are and no time actually doing the work that they need to do to survive.
I never regret the long hours that I put in during the early stages of business and even now, on occasion, I still have to do the same. I for one, think the 4-hour workday is a load of bullsh**. Really, if you can be efficient and effective in 4 hours, imagine what you can do in 8. Maybe 12 is a stretch, but seriously - if you are healthy, ambitious and have a goal in mind, why would you pack up after only 4 hours work. I wouldn't!
The biggest decision you will make as a small business owner other than actually starting your business, is how you intend to grow.
Some entrepreneurs put all of their money into the infrastructure of a business. Others put it into marketing and sales initiatives. But the smart one's put it into their people.
"Hire slow, fire fast" they say. How true. If only, I had learnt this 10-years earlier rather than hiring on the fly or because someone had energy in the interview process and somehow charmed me into employing them. The worse type of hire is when you are desperate and you know the person is wrong but you hire them anyway.
If you have made a few bad decisions, let's face it, you are not alone. When it comes to bad business decisions, they don't get much better than General Motors, when some highly paid executives decided to keep manufacturing large vehicles when the world was trending towards smaller cars. We all know what happened after that - they filed for bankrupcy in 2009. What about Kodak and Motorola. Both didn't read the tectonic shift in their industries and failed to innovate and move towards smart phones and digital cameras.
But it can be just as painful as a small business owner.
In my opinion there are a series of big decisions you will need make over the course of your business life cycle. Employing people and investing in good employees is one. Funding your business from start-up phase through to maturity is another.
In my case, it's expansion and all that goes with making that happen. Building a global business from a small budget can be tough but I suspect that if it was easy - everyone would do it. Funding is still an option, and something no doubt will ensure that the company captures the market in a timely manner and fast-tracks its growth around the globe.
What is your big business decision and what process did you go through to make it? I am interested in your thoughts. Please share.
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