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Small Business Decision Making…

Every opportunity that is taken advantage of or is lost is the result of a decision that someone made or failed to make.  It doesn’t matter if you have a service business, manufacture or sell a product; it doesn’t matter if you have the best business plan. If you can’t make the right decision, your business will not grow.

Small businesses have the advantage of mobility over their larger competitors. A decision, in a small business, rests upon the shoulders of the owners versus a committee or a layer of bureaucracy that has to be climbed in order to reach a decision in a large company.

Decisions have to be made quickly but they also have to be informed decisions.  In my experience, effective, growing small businesses score well on the major strategic decision when they follow those two rules.

A small business owner is faced with many decisions every day. The decisions that are crucial to building value are the ones that should be addressed first. Prioritization is once again critical in the selection process. Unfortunately, many business owners first make decisions that are easy to make and, in reality, don’t have a major impact on the business.

A decision is reached in the mind of the owner; next, the decision has to be acted on. That requires a plan and an implementation process.  Yes, accountability is essential.

The risk factor and the fear of possible failure, are both stumbling blocks in the small business decision making process.  Hiring new staff, purchasing new equipment, or taking on a new product are but a few of the major concerns in the mind of a business owner. The informed decision process, while it may have to be made quickly, should evaluate the risks and benefits of the action. This is another place where an advisory board, business support group or a business coach can play a vital role. The old saying “it’s good to be in business for yourself but not by yourself” advocates the use of one of the afore mentioned decision support possibilities.

 Procrastination also may affect the decision making process. A decision may not involve a high degree of risk, but  may be one that requires change which takes an owner out of his comfort  zone. If you have evaluated the results of a decision than apply then have the courage to act accordingly.

Make no little plans; they have no magic to stir men’s blood and probably in themselves will not be realized. Make big plans; aim high in hope and work remembering that a noble, logical diagram once recorded will never die.                                                        Daniel Hudson Burnham

Nick J. Petra CFP      it’s not too late to receive my free 40% Small business Marketing Strategy©. Subscribe to this blog at www.strategicduck.com to receive this guide for your 2013 plans.

 

 

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