The success of our businesses stems from each and every decision we make for them, no matter how big or small they are. Whether it’s something as important as who we hire or something as seemingly insignificant as what colours we use in our logo, every choice will result in a step in the right or wrong direction – and while there’s no surefire way to know we’re making the right call 100% of the time, there are always ways we can improve the process of our decision making.
That’s the subject of an article over at the Intuit Small Business Blog entitled Make Better Decisions, Get Better Results by Robert Moskowitz. It dives right into some of the strategies we can use to ensure we’re making the right choices for our businesses, and that we get the most out of them every time. Here’s a sample of one of his suggestions:
Take a Longer View
Entrepreneurs can get so wrapped up in increasing their results for the current or coming quarter that they fail to think about what effect their actions will have in subsequent months or years. Basing your decisions on the near-term only can force you to make less than ideal choices down the line.
Generate better results for your small business by looking farther ahead. Before you take an action, consider what its impact will be in the coming weeks, months, and years. For example, if your small business experiences seasonal demand fluctuations, you may be comfortable hiring temporary workers to bump up production rates during busy periods. But each new crew of temporary workers requires training time, and may also waste raw materials and reduce production quality so much they actually cost your business more than you’d pay several permanent employees who work variable hours throughout the year.
We know how easy it can be to get caught up in the short-term; it always seems so much more pressing and important in the moment, and that line of thinking can have a significant impact on our decision making. Mr. Moskowitz’s suggestion to look further down the line and take the time to consider how things will be over a longer stretch rather than the immediate future has some weight behind it, and could be the difference between a small victory now and much bigger one later.
Our ability to fly confidently in the face of tough decisions has played a huge role in helping us build our businesses, and is part of how we’ve all gotten where we are as self-starters. However, at some time or another, we all get stuck between a rock and a hard place, and Mr. Moskowitz’s article is a helpful resource for helping us find the right way out. Give it a read and see if you gain some new insight!
What do you think? Did you find this article helpful? Do you have your own strategies for making the right decisions for your business? Your thoughts are ideas are always welcome, so let us know!
Copyright: sifotography / 123RF Stock Photo
July 1, 2023
