This article helps you decide how much time you can spend working on your business to transition from employee to MD of your own business, and how to spend that time…
Many decisions in life, and in business are made with a significant dose of emotion. And as humans, we are predisposed to use emotion to help us. However, sometimes, especially in business, emotion can get in the way of us reaching a conclusion and taking action when it comes to making a difficult decision.
Before you read my tips, I’d like to make it clear that there a very few decisions in business that cannot be made better if you feel you’ve gone wrong. If you’re unhappy because of a decision you made, try reframing it to look for the lesson, and use that experience to help you in the future. It’s OK, we’ve all been there…
On to my four tips for making difficult decisions
1. Use trigger points
I use the term trigger point as a way of explaining an automatic action you take when something happens. You don’t need to apply thought, time or emotion to this type of decision making, you can just act.
This tactic requires some forethought and maybe soul-searching in advance of a potential decision point, but it really does work. Be prepared for what could come up in your business and simply pull the trigger if it happens.
For example: if my turnover falls below x amount, for x number of weeks/months I need to revise spending. These are the areas I can revise…
2. Create a decision model of variables
This could be viewed as a pros vs cons list, with added extras. In fact the extras are variables – not a straightforward pro or con, but a sliding scale of impact. Adding variables helps you make a direct comparison between two options. Some variables to consider include:
• Financial considerations
• Customer impact
• Technological dependence
• Time commitment
• Ease of implementation
• Estimated stress levels.
For example: add a score out of 100 to measure the impact of each variable and look for the lowest scoring option. This doesn’t mean that’s your answer, but it can help you look at the problem from a different angle.
3. Make a prioritisation framework
If like many, you’ve got a to-do list as long as your arm, you might find that deciding what takes priority can be difficult. This is where a prioritisation framework comes into play.
• Identify what things are most important to you and defines your success – for example, is it lead generation, revenue, you, your family, your team, customers, suppliers and so on.
• Put all those things in order on a new list, from highest to lowest priority
• Now refer to your to-do list and move all the items that relate to your top priority to the top
This framework should help you stop firefighting and bring your focus back to what drives your success and hopefully helps you decide what you should be spending your time on.
4. Visualise your future
A good vision board is packed with achievements in both business and lifestyle, as they both have a bearing on each other. If you have one, great, let’s use it for this simple exercise.
Try this: Picture yourself having made a decision. Two years later, have you ticked off any items on your vision board?
If you don’t have a board, are you as happy as you’d hoped to be, two years down the line?
I believe a business should enhance your life, so I hope these tips helps yours to do just that.
Mike Foster
The Entrepreneurs Mentor
