Making Sound Decisions For Your Business
- Making decisions on what platforms are the best for your business. Link youtube video (outbound video)
- Making decisions In when to hire an employee or VA.
- Making decisions on what programs to invest in for your sharpening your skills.
As a business owner it is of the most importance that you make sound decisions for your business. When you know your goals and objectives you can execute on them to bring the results you desire.
What is the best platform for your business? where are your customers? When you do the research you will learn which platform suits you best. Here’s a video I did on the subject watch it to glean some tips.
Time To Hire
When is it the right time for you to hire a VA or an employee, I know first hand of how hard it is to turn something over to someone else, especially when you have done it yourself for so long, however that is part of making sound business decisions, you do what is best for the business to bring it to where it will generate the income you’ve projected.
The time to hire is when you are spreading yourself to thin, and you need to focus on one aspect of the business and allow someone else to handle the day to day tasks, such as social media scheduling and engagement.
You don’t have to start out with a permanent employee, you can begin with a virtual assistant and you can bring them on at specific times when you need a hand.
Another decision you will have to make as a business owner is not to micromanage your employees or VA. It’s good practice to have an onboarding process to familiarize them your systems and process in the business.
Have confidence in the ability of those whom you hire and if it turns out they’re not a good fit, then move on to the next.
Micromanaging shows a lack of trust and can make your employees feel you don’t have confidence in them to perform a task without you hovering over them.
When you build up your team with confidence and allow them to utilize their skills you will see better performance when you give them the freedom to even make a few mistakes and not feel like a total failure.
Investing In Your Skill Set
Another good decision for your business is investing in your improving your skill set, it maybe through a coach or a program that is geared toward educating you on your business. What I’ve learned through my own experience is when you have outgrown something, know when it’s time to move on. I have seen many people stay with a program or coach that is no longer serving them.
As a business owner you have to know when to move on to new challenges and not stay with something because of some type of loyalty that has nothing to do with your business.
When you are making sound decisions as a business owner you feel an obligation to stay with something just to appease someone…and if someone is making you feel as if your business will now lose traction because you’ve outgrown them or their service, then their true motive has been revealed. I’m sure they are still not at the same level of where they started so why should you not move on.
Know that not everyone will support you in some decisions that you make as an entrepreneur.
I love this podcast that I listened to with Micheal Stelzner from Social Media Marketing Podcast with host Jay Anczo listen to here for some for some jewels that were dropped during this podcast.
Data Data Data
I will never stop pointing out the importance of how you as an entrepreneur must review your data on a regular basis to insure that you are making sound decisions for your business and not just pulling something out of thin air to base your decisions on.
Gather information from other sources to aid you in your decision making, bounce ideas off of other entrepreneurs to get valuable feedback, join masterminds to equip you with strategies you may have never thought off.
You don’t have to be in analysis paralysis when it comes to making decisions, you can move forward and be confident you are moving forward in your business. Here is a post that you can glean some key tips when creating systems that help grow your business.
Determine Your Sweet Spots
This is important not all days are created equal and you as a solopreneur will face trials and setbacks..knowing how to deal with them is key.
If you are a morning person and this is the time of day where you have high levels of energy and you are more focused…work on those projects that need more attention…you will not want to deal with them when your energy starts to dwindle towards the afternoon.
Making sound decisions in your business helps you to create a system that works well for you, so you can weed out distractions or moments when you need to step away from the business…go for a walk or focus your mind on something non-business related so when you come back you will have a stronger focus to get the work done.
Knowing Your Industry
Making sound decisions for your business comes from:
- Knowing your industry
- Knowing If you have a viable product
- Knowing your customers pain points
- Creating products that solves your customers problems
There are many entrepreneurs who skip the process of doing market research to know if they can meet their money goals to have a sustainable business.
Not making these decisions up front keeps the entrepreneur in the shiny object syndrome mode…buying products, programs and courses to get them to make sales, before they know if their business venture is a lucrative one.
Making sound decisions comes with testing…split testing to see which results are geared to meet your goals..when you make an incorrect business decision, then the next step is to learn what went wrong and correct it
Learn what you did right and learn what you did wrong. Write down the steps so when you did stumble upon the right process, you will know how to duplicate it, as well as what not to duplicate.
The reason why some businesses are successful is they learned what’s working in their business and they repeat that process throughout their business…if it’s working then it doesn’t need to be fixed. How many times have you seen businesses come out with a new an improved product…when you knew the first product was better.
This comes with paying attention to the feedback that your customers are saying…because they are the ones that are keeping you in business… and finally don’t be afraid to make those hard decisions in your business, because if you don’t…then you already have made a decision, the problem is you don’t have anything to measure it by. 😊