Small business owners have to make decisions each and every day. Some decisions are for simple things, like approving a payment to a supplier, while other decisions are more complex and can impact a small business in a profound way. Many small business owners have learned the consequences of bad decisions and are afraid of making decisions. How about you?
Operating and growing a small business requires that decisions are made quickly and decisively, but oftentimes they are made without weighing the pros and cons. Making informed decisions that you can rely on requires that you gather information that will allow you to weigh the benefits and consequences of your decision.
Let’s face it: not all decisions are perfect. You’re going to make some bad decisions once in a while. The key to small business success is to ensure that you take into account, on some level, the impact your decision will have to your business. Tallying up the pros and cons of each decision you make will allow you to do this. If the benefits outweigh the consequences, then it’s probably a good decision to make.
The worst possible scenario of being afraid of making decisions is not making them at all. Many small business owners ponder a decision for so long that nothing ever gets done. Doing nothing is the worst solution. As a small business owner, making timely decisions is a critical success factor, so don’t be afraid of making decisions!