The beauty of running your own business is the mere thought that you own it. You’re running it exactly how you envisioned it. You don’t answer to anyone but to yourself — or in some cases, to your shareholders, but that’s another topic altogether.
Basically, you should just be able to kick back, let nature make its rounds and just wing it, right? Wrong. There are times when you’re running a business, certain decisions need to be made. More often than not, the seemingly easy decision that may look right at the time might even do more damage than good in the long run for your business.
Again, this topic is not the be-all and end-all of how to run a business but a good percentage of avoiding failure from reading this article is quite high so read on.
In a business, one of the many decisions a business-owner makes on a daily basis would only go down to doing one of two things:
The easier-to-execute-but-less-correct-and-less-beneficial-outcome step – Let’s say that you have an employee who is at the top tier of amazing performers in your workforce. Only catch is that he keeps on coming in 1-2 hours late. Way later than everyone else. Being late allows him to cut corners and sometimes affect quality but overall, he manages to end up at the top half. Dozens of coaching sessions later, still no improvement and it is slowly starting to affect team morale. You decide to just stick with it since he is a performer.
The more-difficult-to-execute-but-more-correct-and-more-beneficial-outcome step – Let’s focus on the same employee. You’ve already given enough coaching sessions and one-on-one talks to the point that it’s not working anymore. Sure, everybody loves him but remember that you are running a business and not farm. Letting him go will give more room to the better performers and opportunities for those on the bottom tier to start moving up. You then realize that the sooner you let him go, the sooner you can pick your business up. It also makes it sooner for him to find a new job that can potentially be more beneficial for him and company that he will be eventually working for.
Other examples of making important decisions is whether or not it would be beneficial for a business to stay afloat if the business were to outsource. Sometimes, having to let go of your current workforce to set up an offshore fleet needs to be done. There are even offshore fleets that are bigger than the actual company headcount but that company is saving so much money and even earning so much revenue. Hundreds, thousands, and even millions of Dollars can be saved just by moving a certain process offshore.
In business, you will need to be keen when dealt with certain situations to be able to determine whether it would be good for your business to continue using that route or not. As a business owner, you are the sole person responsible for the failure or success of your business and if certain yet difficult business decisions are required to keep the business afloat, you are the only person who should make that delicate decision.