When critical decisions need to be made- are you ready to be the boss? Sometimes when big things are happening it can be easy to stick your head in the sand and just hope that the situation will evolve into what you want it to be without having to make a call one way or another. I have yet to talk to an entrepreneur who has found this strategy works, myself included.
It is important to plan ahead to avoid being put in these types of situations as much as possible. That being said- stuff happens, markets change, and therefore plans have to change to keep up.
When you need to make a tough call, I recommend looking at the following points:
1. What is the long-term vision you have for your business?
2. What are the implications for your cash flow? Do you have the necessary finances in place to take things to a satisfactory point or do you anticipate running out of money part way through?
3. How will this affect your relationships with your clients?
4. What are the factors that you can control?
5. What are the factors beyond your control? How could these impact your decision?
How do you make a difficult decision? Are there other points you would add to my list?
Forgetful Fridays Lesson #4- You are the boss, you and only you, have to make the tough decisions.
Jen
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