Do you ever find yourself in business meetings, trying to make decisions that impact your business, and not knowing what to do? That's understandable. You don't want to make a decision that will cost you money or time. It can be hard when everyone has different opinions on the best choice for the business. On this ROI Online Golden Nugget, entrepreneur Rob Te Braake will help us point out 7 steps that will help you make better business decisions!
Business decisions are not a one-size-fits-all business. There is no magic business decision formula that will work for every business. The approach you take to making business decisions depends on two things: your business and who you are as an individual.
Click the video to watch below!
Making business decisions is hard.
It's not always easy to know what business decision to make, and it can be difficult to figure out how your business will change with each decision you make.
The number one thing you need to know in order to make a better business decision is who you are as an individual. This might sound like something that doesn't have anything to do with business, but the truth is that this information will help guide all of your business decisions from here on out. Knowing who you are as an individual means knowing what type of person you want to be, and what type of life you want for yourself. Once you've figured this out, then it becomes easier for
For Rob, the number one thing you need to know before making a decision is, what are you trying to achieve?
Getting clarity on business decisions is hard.
Most business owners spend more time worrying about their business than actually running it, which leads to poor decision-making and a lack of growth.
The number one thing you need to know when making business decisions is what you are trying to achieve with your business. If I put my efforts here, where do I want them to lead to? This clarity will stay with you and guide your business decisions. It's also important, to be honest about what the business could realistically achieve in its first year if a clear plan is not made.
Getting clarity on what you are trying to achieve is the most important factor when making business decisions. It's amazing how often people will start a business but have no idea about their revenue model or growth strategy before they invest time and money into it. So, be clear with yourself: If I put my efforts here, where do I want them to lead to?
This clarity will stay with you and guide your business decisions. It's also important, to be honest about what the business could realistically achieve in its first year if a clear plan is not made.
The second question you should be asking yourself is what do you want out of your decisions and actions or lack thereof?
What am I trying to achieve? What is the best-case scenario for me and my business? The worst? Can't we all agree that no one wants their business or life to be a massive waste of time? Don’t just say it’s business, that is a cop-out.
If this information isn't clear, it's impossible for anyone else- including yourself in the future -to make an informed choice because you don't know which path will lead you closer (or farther) from your goals.
The seven steps you should follow for a better decision-making process:
- Identify your business: What business do you own? What business are you trying to start?
- Think about what business decisions you need to make: Develop the business plan
- Imagine how different types of business decisions would impact your business, and choose the one that is best for it.
- Consider which factors should dictate what business decision you make: appearance, efficiency, quality.
- If you are making business decisions on behalf of a business, ask yourself if it fits with the business's values and vision.
- Decide which business decision agrees with you.
- Finally, think about who you are as an individual. What are your personal traits that will help you make a better business decision?
Once a business decision has been made, document your reasoning and how this will impact the business or individual. If it doesn't work out well, be prepared to revisit your business decisions in order to make better ones next time around! It's all a learning process.
In order for a business decision to be perfect, it has to meet four criteria. These are the business's values, goals, timelines, and resources.
A business decision is something that business owners need to make every day. It can apply to employees or suppliers. The key to making better business decisions is understanding the business and the backgrounds of those involved in every business decision. One way to keep track of business decisions is by documenting what was discussed, who was involved, what was proposed, what the impacts are and benefits there may be related to the business decisions.
Another tip for making good business decisions is recognizing whether they will have a positive impact on your business or if it will negatively affect the business. Evaluate how much time and effort you are willing to spend before making business decisions. Make sure it's all worth it!
So how can we start on our quest towards better choices?
Start by defining exactly what success looks like. Then figure out where that road takes us with some KPIs--key performance indicators!--and measure his progress along the way so he knows when something doesn't work as well as expected. Once you've broken down your goal into small steps, it's time to measure the decision based on those KPI goals. Sometimes the impact is too indirect and making a big change may not always be worth what that particular KPIs need in order for them to meet their own goals.
A business decision is something that every business owner has to make on a regular basis. Whether it's about the direction of the company, or what you should do with your marketing budget, business decisions are an important part of business ownership. The number one thing you need to know in order to make better decisions is simple: know yourself and your goals!
If you want to make better business decisions, start by knowing yourself and your business goals. If you know what you want, it's going to be so much easier to make business-related decisions that will move your business in the right direction!
This article will make business decisions seem so easy. Now you know what to do. Here's how to make the business decision that works for you!