What are your long term goals?
If you’re having trouble answering this question, then it might be time to step back and refocus. Every decision that you make, regardless of how innocuous it may seem, is critical to the success of your business. Losing sight of your overall objectives (or lack thereof having any) can have a negative impact on your ability to make the sorts of clear, well-grounded choices that will benefit you, your employees, your vendors and ultimately the fate of your business. In other words, don’t allow errant short term decisions to steer you away from your long term goals.
Times of prosperity are when most businesses owners’ decision making skills are truly put to the test. As companies net higher profits, business owners are likely to become more lax with their decision making responsibilities. Expenditures that once seemed outrageous or irrelevant may now seem perfectly appropriate. However, lax decision making processes are a long and slippery slope to avoid.
I often tell my clients to run their business as though they’re amidst turbulent times even in the best of times. By running a “lean and mean” business, you’ll be better prepared for the tough times, while also illustrating the efficiency of your company –a necessary value driver when trying to impress potential investors (or buyers).
If your long term goal is to grow your business, you’re not going to get any closer by relaxing your decision making responsibilities. Every decision you make – from the office space and supplies you invest in to the employees you hire and customers you target – should always relate back to your long term goals.
Believe it or not, every decision you make can steer your business, to and from your overall objective. Spending patterns and off-the-cuff impulsive decisions can easily become habitual and ingrained into corporate culture. Lead by example, and ask yourself with every decision, “will this get the business closer to where I want it to go?” If the answer is no, it’s time to think of some alternate solutions.