Making good decisions can make or break a business. Get it right and your business will fly, but bad decision-making can drain the resources and time of your growing company.
Popular business definitions emphasise a linear method of decision-making, starting with defining the problem and finishing with choosing the best course of action. The simple, logical result is that the best actions will produce the best results.
There are two flaws to this common misunderstanding which could be costing your business money:
1. Your purpose should define your decisions and actions
Real and meaningful action comes from purpose-driven decision-making. Every decision, however small or great, should be in line with your business purpose, vision and goals to stay true to the reason you are in business.
2. Most decisions fail when they are not executed properly
As a business owner it’s your job, one way or another, to action decisions. Purposeful and effective action is only completely put into effect by the quality of your execution.
Common ways that business owners can fall short with their decision-making stem from failures in self, team and financial management, all themes I explore in The Business Secret. A lot of this is down to lack of strategic planning around purpose and vision, and can have an unhealthy effect on financial and operational outcomes.
Decisions and actions are the keys to the door that lead to success. You can have the greatest intent in the world, the finest purpose for your business, and the biggest goals and ambitions, but if your actions and decisions do not support these then they will amount to nothing.
To help you make effective decisions and take purposeful action, we’ve written ‘The Business Secret’.
A definitive guide for business owners, ‘The Business Secret’ is packed with practical steps and actions to succeed in business. It was launched in February 2018 with a genuine desire to help people get to where they want in business and in life.
New and established business owners can take advantage of tips and advice from some of the most experienced financial planners in the industry. Each chapter ends with suggestions to transform your learning into action to achieve your business and personal goals.
Here are just some of the things you’ll find inside:
- Tips and tactics on every aspect of running a successful business: time management, hiring decisions, managing failure and successes, and financial planning
- Expert business guidance and actionable advice from industry-leading financial advisers
- How to make your business valuable, plan for an exit strategy and transform your retirement position