5 Key Considerations for Your Next Business Decision
4.5 Min Read
Are you a confident decision maker? 🙇
You walk into the grocery store.. you're faced with 5 bun options and you don't spend more than 10 seconds debating which pack to get. In the big and the mundane (like buns), you find decisions are easy and quick. You have a strong intuition and don't waste too much time hassling internally with 'what to do'. Mission accomplished 👏
Not everyone is this decision-savvy, especially when it comes to important business decisions. Keep reading to learn what pillars may be influencing your decision-making, and how to approach them effectively to make more sound, confident decisions that support your brand goals.
5 key factors influencing your decision-making:
Your Gut Instincts
Your Long-term Vision
Solicited or Unsolicited Feedback
Your Past Experiences & Bias
The Influence of Trends
Before we get into it, a couple reminders..
Good things take time - Always vision the long-term 💡
You can still make a great sandwich with mediocre buns, but a little prep, planning and consideration ahead of time is the secret ingredient to the sandwich you keep going back for.
In business, the length of a decision-making process can depend on many factors, including:
Business type - Business-to-business (B2B) or Business-to-consumer (B2C). How many eyes will be on the brand?
Business size - What's at stake? Deciding whether or not to attend a $500,000 industry conference should hold more weight over whether your $5,000 giveaway budget is spent in branded fidget spinners or pens.
Stakeholders - How many seats at the table need to agree on the best path forward? 🗣
State of business, age of the business, etc., etc.
It can takes weeks to months and many meetings for business leaders to reach collective, confident decisions. In terms of branding, no matter the size or state of your business, it’s important to best serve its future and scalability by taking a thoughtful approach and always visioning the long-term.
As you're faced with the myriad of decisions that small business owners are on the daily, remind yourself of the big dreams you have for your business. Make decisions strategically to support that vision.
Let's get into how you can more effectively approach the voices impacting your next move 👇
1. Check your gut instincts
We’ve all heard it, “Go with your gut”.
To take the leap into small business ownership in the first place, you've already experienced strong gut instincts and acted on them courageously. Congratulations! Starting is half the battle. Many well-meaning, aspirational people don't even make it this far. You should be proud 🙏
And now you're in it, the small business thing - trying your best to grow this passion, debating every what, how, when and why. You want to do your leap of faith justice and reap the rewards of the discipline, consistency and strategic vision that's possible in small business. And as you're faced with decisions, your gut instincts are consistently coming into play again.
Like you did to start in the first place, always respect your gut instincts & listen to them carefully, but don't let them win too easily. Challenge their validity by playing a healthy game of devils advocate.
Ask yourself a series of questions before you act - Why are you instinctively drawn to something over the other? Is it really best, or is it the easiest option? Is it just the cheapest option, thus 'lowest risk' in your mind? Could there be bias involved?
Approach with rationale thought 🧘♂️. Journal or whiteboard these considerations - Mind-map your thoughts. When a Board of Directors reviews a rebrand presentation, they ask a lot of questions, request revisions and new edits until it’s perfect. Take the same approach with your business.
In brand and marketing, or to your business coach, ask your trusted partner productive questions on deliverables and recommendations -
How does this design best speak to my ideal client?
How does this website concept best support my long-term business goals?
How will this brand message resonate with my audience?
➡️ Your gut is smart - but always check it!
2. Never lose sight of your long-term vision, and believe it's future 💫
Why did you start in business in the first place? What idealistic, successful future-state gets you out of bed at 5:00 am?
Always be reminded of your 'wildest' dreams (in business & life), and ask yourself “Will this direction serve my 2, 5, 10 year ambitions?”. Think big! 💭
Imagine your businesses product in Target, or a gift card for your service offering in the check-out aisle at the grocery store, or dozens of your service vehicles driving around town.
Build your business and brand with the mindset that you WILL achieve thriving, lasting success (not if). You're on a journey, and you will get there through a series of sound, strategic decisions and consistent discipline.
As you build your brand, build it to support its future state. In branding, create it with a level of timelessness. And while It’s normal and recommended to modernize your branding as your business evolves, it’s key to maintain a familiar mark or style that can evolve with you, while not changing too significantly fundamentally (unless for another strategic initiative or acquisition).
If you’re not thinking Target check-out aisle big, you’re selling yourself short. Ambition drives progress. 📈
3. Stop asking people for directions to places they’ve never been 🗺
A personal favorite - Don't rely on solicited or unsolicited feedback.
If you have a small business or aspire to, you've probably already found yourself navigating the myriad of mixed, negative or just weird commentary from people who don't have the same aspirations as you.
The people closest to you, who love you the most, will often steer you towards the safest decision - the corporate 401k job - not the high-risk, challenging path of entrepreneurship.
So as you solicit productive feedback in growing your business, do it with trusted, likeminded peers with similar aspirations as you or better yet, those who are doing what you want to do.
Don't keep going back to the source that doubts and dampens the reality of your dreams. For important business decisions and seemingly 'risky' investments, seek coaches, peers and mentors who have gone or are going where you want to (and most importantly - don’t think you’re crazy).
With these trusted and likeminded peers, solicit feedback and be open and receptive to it, but don’t hang your hat on it. Value feedback from experts in their field, but fall back on the strong convictions you have on what’s best for your business. Respectfully evaluate and consider the knowledge of others, but understand your business is in your hands.
Listen with open ears and avoid making big decisions in a vacuum, but consider input with caution. Stay rooted in the deep knowledge and vision only you have for your business.
Most importantly - don't ask people for directions to places they've never been.
4. Factor past experiences and bias
Learn from past experiences, but strive for innovation ✈️.
Nothing kills the potential for innovation and reward quite like 'what did we do in the past?' and constantly pursuing the known, easy way forward. Don’t just go with what worked because it’s easy, be sure it’s the best.
Acknowledge your biases and challenge how they might be influencing your decision. We all have inherent biases based on our upbringing, environment, family, and many other factors. Challenge these to see all viewpoints and make an informed decision.
Look at how your privileges and assumptions may be impacting your understanding. Most importantly, take action on your reflections to increase your bias awareness & counter it in the future.
Read, listen, study and converse to diversify your views and think more critically.
5. Aim for timelessness - Take caution with trends
Trends are… just that, trendy.
They come, they go. Making big decisions in line with trends might not serve your business long-term.
Beware of the shiny new object with good marketing or trendy new branding. Again, focus on brand-building decisions that serve the long-term vision. Always aim for timelessness.
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There’s many other factors that influence decision-making, like the amount of options being considered, the order in which they’re presented for consideration, the delivery method, and much more.
When it comes to building your business and brand, seek trusted consultants who will take the time to understand your business and help you make confident, sound decisions. Keep these factors in mind as you discover and curate your dream brand.
Happy Decision Making!