How do you run a profitable business? By making good decisions, of course. Yet, making a good decision isn’t always easy. There are a number of things that can occur that have the potential to impede your ability to make the right choice. Here are the most common things that affect how you make a decision (and what you can do about it).
You Make Important Decisions When You’re Emotional
You could be happy, angry, or sad. When you’re experiencing an emotional extreme for any reason, it can impact your ability to think things through. Yes, emotions do you have a place in business. However, you must remain balanced in how you approach everything.
Don’t make an important decision when you’re emotional. Take a walk, pray, meditation, or do whatever it is that helps you calm down. Benjamin P. Hardy wrote an excellent article that’s published on Thrive Global. Although the article doesn’t address what to do if you need to calm yourself down, it does address how to set yourself up every day to get into your personal success zone. The actions could help you improve how you approach decision making and your emotions.
You Don’t Have All the Information
While there’s something to be said about making a decision based on your gut, it’s important to have all of the information you need so that your decision is educated. For example, if someone came to you and wanted you to buy their business for $50,000, you’d want to know several things about the business. Some of the things you’d want to know is the profit the business has, its losses, and its expenses. What would you do if you didn’t have that information? If you bought the business for $50,000 and found out that the business was losing $10,000 a month and was on the verge of bankruptcy, how would you feel?
That might seem like an extreme example, but it serves an important point. When you’re in business, you need all of the necessary information before you make a decision. Your business will be affected by it. Take the time to get the information that you need. If you believe you don’t have the time, remember that the decision can affect your ability to properly run your business. Taking the time to find the information is an investment into your business.
You Don’t Get Any Feedback from Others
One of the best ways to make a wise decision is to talk to someone who faced a similar problem. Feedback is valuable because you may find a solution that takes you less time and effort to implement. It also provides you with the support you need as a business owner to make tough decisions.
Ask some of your professional peers both inside and outside of your injury. Join local and online business groups that provide networking opportunities. Begin to get to know other business owners and start a dialogue to build trust and to gauge expertise. Remember that what you’re experiencing isn’t unique to you. Other business owners have dealt with it at some point.
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