The biggest business decision you will ever make
There are few decisions that sit on the top of the pile as most fall lamely into the category of part of life's journey running a business.
But, thankfully, life really isn't that boring and there are more than enough decisions to keep you awake at night or in the office until the wee hours, going over reports and analysis trying in vein to make the right decision for your business.
All while of course, people are saying to you that you need work, life balance and those long hours in the office, isn't really what you should be doing.
Often when I look at entrepreneurs that fail from one business to another, I see that many of them are fairly similar. They don't work hard or smart enough. They haven't investment in their product or service sufficiently and they run around like a 'chook with it's head cut off'. Or worse still, they spend all their time networking and telling people how great they are and no time actually doing the work that they need to do to survive.
But, thankfully, life really isn't that boring and there are more than enough decisions to keep you awake at night or in the office until the wee hours, going over reports and analysis trying in vein to make the right decision for your business.
All while of course, people are saying to you that you need work, life balance and those long hours in the office, isn't really what you should be doing.
Often when I look at entrepreneurs that fail from one business to another, I see that many of them are fairly similar. They don't work hard or smart enough. They haven't investment in their product or service sufficiently and they run around like a 'chook with it's head cut off'. Or worse still, they spend all their time networking and telling people how great they are and no time actually doing the work that they need to do to survive.
I never regret the long hours that I put in during the early stages of business and even now, on occasion, I still have to do the same. I for one, think the 4-hour workday is a load of bullsh**. Really, if you can be efficient and effective in 4 hours, imagine what you can do in 8. Maybe 12 is a stretch, but seriously - if you are healthy, ambitious and have a goal in mind, why would you pack up after only 4 hours work. I wouldn't!
The biggest decision you will make as a small business owner other than actually starting your business, is how you intend to grow.
Some entrepreneurs put all of their money into the infrastructure of a business. Others put it into marketing and sales initiatives. But the smart one's put it into their people.
"Hire slow, fire fast" they say. How true. If only, I had learnt this 10-years earlier rather than hiring on the fly or because someone had energy in the interview process and somehow charmed me into employing them. The worse type of hire is when you are desperate and you know the person is wrong but you hire them anyway.
If you have made a few bad decisions, let's face it, you are not alone. When it comes to bad business decisions, they don't get much better than General Motors, when some highly paid executives decided to keep manufacturing large vehicles when the world was trending towards smaller cars. We all know what happened after that - they filed for bankrupcy in 2009. What about Kodak and Motorola. Both didn't read the tectonic shift in their industries and failed to innovate and move towards smart phones and digital cameras.
But it can be just as painful as a small business owner.
In my opinion there are a series of big decisions you will need make over the course of your business life cycle. Employing people and investing in good employees is one. Funding your business from start-up phase through to maturity is another.
In my case, it's expansion and all that goes with making that happen. Building a global business from a small budget can be tough but I suspect that if it was easy - everyone would do it. Funding is still an option, and something no doubt will ensure that the company captures the market in a timely manner and fast-tracks its growth around the globe. My heart will always be in Australia with having started the business in Sydney and expanded into Melbourne and Queensland shortly after. But the true value in seeing the vision realised is to be able to build a global business that originated from Australia and provides thousands of small businesses around the globe with a marketing consultant.
What is your big business decision and what process did you go through to make it? I am interested in your thoughts. Please share.
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comments ( 5 )
Caloundra Bookkeeping
24 May 2013Very strong and encouragement in pursuing business. A motivatin that will change your life.
ReplyMelinda
26 Feb 2013Starting a business or new investment is always risky. Perceived risks such as time and monetary value is common sense, to say the least. However, as they like to say that the church is not about its physical structure or the organisation, but rather its people, I'd propose that it is exactly the same for businesses. No matter how tedious and life draining the recruitment process is, you have to focus on hiring and building a relationship with the right people for your company.
ReplyFor example, on a casual shopping trip, you're bound to experience a few retail assistants that couldn't care less if you've spent the last 10 minutes looking for a size on the rack. They're just happy to sit there and stare into space or remain glued to the computer screen, with absolutely no intention of "assisting" you. Then you might get the few that mercilessly stalk you around the store with a creepily fake smile plastered on their face, all in hopes of potentially achieving their allocated sales target. Both experiences would be equally off-putting.
We need to ensure that the employees know they represent the brand and what it stands for. Their attitudes and behaviour are a customer's first point of contact, consequentially forming initial brand impressions and images.
Jessica
14 Jan 2013I agree fully! Employees are your most important asset as a business and it needs to be taken slowly when hiring people because the success of the business relies upon the people in it.
ReplyMaxine
14 Jan 2013Interesting topic! I once went to a networking event for young entrepreneurs, and remember getting my ear talked off by some of them who showed remarkable talent and charisma. However a few months down the line, there seemed to be little progress with their company; whether it was lack of funding or loss of steam to persevere and overcome all the various obstacles business start-ups usually face. I remember reading one of Paul Graham's essays in which he mentioned "Growth makes successful companies so valuable that the expected value is high even though the risk is too. Growth is why VCs want to invest in startups". With regards to picking your partners and team, it's definitely essential to pick wisely and there are pros and cons with including friends into the picture. Some business owners I've met have had to cut ties with friends-made-partners due to lack of reliability and falling into 'Groupthink', a psychological term whereby people are pressured into agreeing with certain decisions out of conformity. However, some others have flourished with good business due to the mutual symbiosis and cohesion with the way they work together. It all comes down to keeping business, business. As well as having your goals and visions aligned. There are many other huge decisions an entrepreneur might have to face during the course of their business (merging, seeking funding, capital investments, hiring) and it is essential that these decisions are made (not only from the gut-feeling) but also through proper analysis of the market, competitors and discussions with the rest of the board (to generate ideas, and a bit of healthy conflict).
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