Tough Business Decisions

Refinancing, choosing a new partner, investing in a new product, franchising, purchasing a larger building or hiring new positions; all of these decisions can be daunting but not if you can be positive you are making the right choice, so how do you know you are? There are five simple questions to ask when you make your choice – even if it’s the wrong one, it is important to remember that it won’t be permanent.

 

  1. Is this the best for the growth of the company?

This decision you’re making, is it because you think it will help recirculate the flow of cash within your company? Is buying a new building going to help you draw in more business? If you truly believe it’s going to help your company succeed, have good faith in yourself and your reasoning to push forward. Do your research; ask around to ensure that you’re accounting for any problem you could face.

  1. How long-term is this decision?

You really need to think about the big picture. How is this going to affect me in 10-20 years? If you’re single but plan to have a family, is this going to change the way you would do things? Is it a drastic change or a small change? Many times we only think about the instant gratification of it all. Our digital world allows us to live in the digital speed of things. Take a step back and ask what’s going to happen in the not-so-soon future?

  1. Does this align directly with my vision?

Making a big decision is hard, let’s face it, but there are easy questions to ask like: “Does it align directly with the choices I laid out for myself in the very beginning?” All the hopes and dreams you had for your company from the get-go, will this decision make those dreams come true?

  1. Is it feasible?

If your company is worth $100,000, is it reasonable for you to pay back a loan of $1,000,000 in five years? Likely the answer to that question is no, so try to revise your plan until it’s something that you feel comfortable with, make sure you won’t be putting yourself into a bind and that you are choosing a decision out of rationality. Read up on articles about business start-up costs and decide if these are something you can easily do or if it’s something you’re going to have a difficult time with. Sometimes the better and smarter thing to do is to delay your plan if it means a more comfortable transition.

  1. Do I think it’s a good choice? Why?

After all, it is your company so try to have a little fun and faith; your associates around you will see your faith in the decision and side with you. It’s all about being confident in what you do with the right research tools and a confident attitude that you and your company can do anything.

 

Remember that jumping in isn’t always a great idea with no safety net, but with the right research and right attention to detail you can ensure that you aren’t going to be blindsided – it’s all about getting ready for change and embracing the outcome.

Contributed by Casey Hunter, Communications Strategist

Casey is a soon-to-be graduate of the University of Central Oklahoma with a B.A. in Fine Arts. She loves to write, read and learn.

 

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