This article was originally published in 2016. Some rules, rates or tools mentioned may have changed since — contact us for current guidance.
Many people dream of becoming business owners. Often, this dream a romanticized image of lots of free time for leisure, access to limitless amounts of financial gain and so much more. However, the average entrepreneur works very long days, especially in the first 3 to 5 years to get the business up and running. These crucial years are spent partially in the red, then breaking even, and if all goes well, then profitability.
Let's talk about the time factor. On a given day, a business owner must make countless decisions.
Here are 10 helpful tips for making solid decisions:
- Be informed about current events in your industry that might affect your decision and your business.
- Consult trusted and experienced advisors or mentors who you consider successful. Talk through the decisions you are facing with them.
- Make a decision consistent with your personality, your beliefs, and your conscience.
- Sleep on it, go for a walk or spend some time alone. Put yourself in a place where you can think about.
- Seek out those who have been in your situation and learn from them.
- Do not procrastinate till the last-minute and force yourself to make a poorly informed decision.
- Don’t be afraid of taking risks. No risk, no reward.
- Create a pro and con list. It’s old school, but it’s effective.
- When urgent, try to strike the balance of honoring the urgency without unhealthily stressing over it.
- Go with your gut. At the end of the day you know what’s best for you and your business, don’t second guess yourself.
For more business tips take a look at our blog and if you need help with your bookkeeping contact us to get started!
