I’m sure you know this problem when it comes to running a blooming business: you don’t get to hit the “pause” button.
You can systematize, optimize, hire an assistant, and create a to-the-minute schedule of everything you’ll be doing for the next decade… but despite all your preparation, you can still feel like you’re drowning.
Unfortunately, when your business starts to encroach on your happiness and peace of mind, there’s not a lot of room to step away and “let it be” for a little while. You have to hold onto the reins, or you risk losing everything you’ve worked so hard to gain. And sometimes, that means making huge, difficult, often intimidating decisions for your business.
So, how do you go about making those snap decisions without facing major regret later?
I’m going to tell you how, but first, here’s why knowing how to make decisions is so important.
An Essential Business Skill
When you’re running a business, you will always face challenging choices. Period. But the ability to make tough calls quickly, efficiently, effectively, and with confidence rooted in knowledge is the thing what separates a “great” business owner from a “good” business owner.
You can’t quantify, justify, or calculate everything in your business. When the going gets overwhelming, the overwhelmed just have to make a call. Tweet that!
When I’m faced with a challenging decision in my business, I ask myself a series of questions to make sure I’m making the best, most informed choice possible, even in a jam. That’s what I’m sharing with you today.
3 Crucial Questions to Help You Make Your Toughest Business Decisions
1. “Do I need short-term cash, or am I financially set?”
First things first: my assistant needs to get paid, my mortgage is due every month, and my dog needs food. If faced with a situation that would prevent me from paying for the essentials, I generally favor for a decision that generates short-term cash.
2. “What are my values?”
Next, I consider my personal and business values. Who do I want to be in the world as a person and as a business woman? What must happen (or must not happen) in order for me to uphold my own values and standards in business?
Often, this area of reflection will help me see what must be done and what can slide, be skipped, or wait for the future.
For example, in my life I value freedom and flexibility. In my business, I value delivering kick-ass results for my clients. If I needed short-term cash, I could easily take on a few more private clients. However, to do so would overextend me, limiting my freedom and decreasing my energy, resulting in less-than-stellar results for my clients. That violates several of my values. Even if I needed short-term cash, that option becomes a NO, and I’d need to find another way to solve that problem.
3. “Am I building something for the future?”
My short-term cash needs must be met, and I must be in alignment with my personal and business values. Once those are set, I can plan for the future.
This is where a lot of entrepreneurs struggle. They have big visions for the future — and I love that about them — but they often put the cart before the horse, working toward future ideas and goals without first making sure the rent is paid and their values are being upheld.
Any effort you put into building the future must be created by beginning with solid footing. Once you’re set with cash and aligned with your values, go forth and create big, amazing, world-changing stuff, my dear superhero!
Moving Forward with Your Biggest Decisions
While making the right choice isn’t always easy, it is something you must do as a business owner.
If you’re uncomfortable with this calibre of decision-making, then the best advice I can give you is: practice makes perfect. If you’ve been cramming too much into your week or have a pileup of work waiting for you on any given day, those are clear signals that it’s time to start exercising your decision making skills as an entrepreneur. The questions above will guide you.
Ready or Not – Decide!
Now, I’d love to hear from you!
How do you make decisions in your business?
Was there a moment when you had to make an incredibly tough decision? What happened?
Share your stories in the comments below.
I can’t wait to hear your experiences and insights!
Hi Jenny, thanks for this. I’m in the beginning stages of designing my biz and have recently overwhelmed myself straight into bed. I had body aches and a migraine, clearly my body was telling me to slow down! Thank you for writing this, it’s a confirmation that even in this early stage I need to make decisions based on my values.
Yes, absolutely! We must focus on our values if we want to create a business we love that supports a life we love.
Hey, that was only 3 questions, not 5! hehe 🙂
And YES! I totally make snap decisions and do things on the fly rather than carefully planning my moves to set me up for the future. I love that about myself, but I also have learned the value in thinking longer term now that my business is taking off. Thanks Jenny!
Oops! I just fixed that. The post was simplified and I guess I forgot the subtitle when I changed from 5 to 3!
Yes, you are certainly an action-taker, Becca! And, there is absolutely value in thinking about the long term. Funny thing is that other folks are great at thinking about the long term and so much so that they forget to deal with the here-and-now!
As always Jenny I love reading your thoughts for us entrepreneurs! <3 I find myself getting a bit caught up all over the place it seems. Like so many I have such incredibly lofty dreams that I can get caught up and carried away without connection to here & now. This blog post is a great reminder to start at the bottom and work your way up so you don't have your lovely palace cave in on you!
One step at a time, one day at a time, Aradia. You will get there. Have the big visions, and do the work here, today. 🙂
Thanks Jenny. I was worried that I was making too many short term decisions for my businesses and should be focusing on the long term. Now I can see that because I am in start up mode I kind of have to be focusing on bringing in the quick buck so that I can become financially set to focus on my long term goals. Thanks for putting that into perspective for me!
You got it, Charlie. Balancing short-term and long-term needs is important, especially if there are bills to pay. Though planning for the future is fun (and necessary), taking care of today definitely comes first. This is especially true for folks in start up mode.
I definitely needed to read these comments! I honestly struggle with “feeling like a failure” because I haven’t made as much headway with lofty goals, but I know I tend to get carried away in the hot air balloon and lose focus on the here and now! It’s good to know I can put things aside without it being a sacrifice of one or the other. Just means something happens a little later!