Business Owners: Be Ready to Make Key Decisions

Business Owners: Be Ready to Make Key Decisions

Some of the most important decisions a business owner needs to make.

By Emma Meakin

Your most important decision as a leader is deciding what it is you wish to set out and accomplish with your business. Deciding on your vision is what gives your organisation a reason to exist. It’s what makes you a leader in the first place.

Strategy and planning

The next important decision is about your strategy. This is all about how to get from point A to point B. This is a genuine decision because there’ll always be different approaches and routes you can take. When deciding on your business strategy - or plan as it is more commonly known - it is key to have looked at similar business models and not to be over confident.

Whilst it is vital you have faith in your idea, you need to be realistic. Ensure your business plan reflects what you can achieve - not only what you want to achieve. Your business plan will be used not only as a blueprint but also to attract investors, so outlandish claims of your success may backfire.

Tough calls

There are various other important decisions and as a leader these will be thrown at you at various times throughout the company's existence, such as hiring and firing, developing a company brand and finding a location. Remember that to be a leader you need to have a good team around you, and to be able to make the tough calls when necessary. Choosing the right people and deciding when an idea has not worked are tough decisions but important ones if you want to achieve your goals.