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Are You Business Smart?

A young man with his hand on his chin looks like he is thinks deeply about something. Doodle question words floating in the background.

Great execution makes you look smart

Ask any business owner and they will tell you their intelligence as perceived by customers is directly related to the quality of the customers’ experience.  If a business owner provides an excellent experience, they will be seen as smart and bold.  If the results of the experience end up being a flop, the business owner is incompetent, and they should have closed his business yesterday.

The point is you cannot determine whether a decision is right or wrong on the results.  Good decisions at the moment sometimes lead to bad results.  Likewise, bad decisions can result in good results.  You should analyze each decision on their own merits.

Know your business

To make the right decisions; you need to know your business.  You need to understand your market, product, pricing, and delivery.

For those that need to move as fast as possible, you need to start doing your homework on your business early on.  This begins with a basic knowledge of knowing your business’ limitations.  The easiest way of starting this process is to assess your current business situation.  These assessments present data to help you managed your business more efficiently. The key is utilizing an assessment that identifies the strengths and weaknesses of your business functions.

Beyond macro limitations, you need to understand your markets and how your business operates.  This is where scorecards are the best tool to measure your results on a regular basis; the scorecards measure the results and what the difference is between what worked and what did not work.  More often than not, the difference is usually just a few minor adjustments away from success.  Putting this knowledge to work by having information about your results is only useful if you are taking this information to heart and making the necessary adjustments to succeed.  Reflect on the functions of the business and ensure how your changes fit into their execution.

Additionally; you can operate your business much easier by making many decisions in advance.  When you are working on analyzing your business, think about how decisions affect your vision of what you want your business to be in the future.

Conclusion

Don’t be afraid to make the high-risk decision and worry about the results.  There will be times when bad results occur.  That is okay.  That is business.  Be happy knowing that you made the best decision for the moment, move on, and don’t let bad results discourage future decision-making.  Like everything else in business, the answers are not necessarily easy but are worth finding and taking the chance. Be smart.

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