5 Ways to Boost Your
Decision-Making Power
Entrepreneurs complain that it's
lonely at the top--but it doesn't have to be.
Often entrepreneurs feel ready to
take their company to “the next level,” but aren’t sure how to make it happen.
The good news is that there are a few things you can do to make life a bit less
lonely at the top, and to give yourself the smarts and inspiration to push
onward.
Access expertise You may know perfectly well how to run your
company, but if you step back for a moment you’ll probably see that there’s one
thing (okay, maybe a couple of things) that you do better than anyone else. And
there’s probably something you could do a little better. After accepting
this moment of transcendent self-awareness, go get that expertise. This may
mean reaching out to a consultant or simply someone you admire who is good at
what you aren’t. Don’t sweat how formal or informal your approach might be.
Grow your network Many owners are looking to raise growth capital. Look
for business organizations that can be helpful, such as industry associations
or your local chamber of commerce. Often, these organizations link up
with companies that could be a supplier, a potential customer or someone you
can work with in some way. But they also often enable entrepreneurs and CEOs to
open up about the challenges they face, and to identify new solutions.
Networking with other similarly-situated CEOs can only help.
Be strategic Most days, company owners are busy simply running
their businesses. Few owners get to step back and think strategically. They
just don’t allocate the time to it. Strategic planning also can devolve
quickly into budgeting sessions or other mundane issues. Step back and
take a day (or more) and think about what your business could be. What is the
opportunity you should really be pursuing?
Discipline yourself Some of us can get up in the morning and say, “I’m
going to get this done today.” Others need someone looking over their
shoulders. One benefit of having a board, informal or formal, is that you can
use them to add more discipline to your business. If you have to report
out to your advisors, you are going to need to tell them what you have
accomplished!
Prepare for the sale Eventually you aren’t going to own your business--either
you or it is going to pass away, or you are going to transfer or sell it to
someone else. Reporting out to advisors or a board on a regular basis is
one of the best ways to prepare your business for the transfer process, because
the questions your advisors or board will ask are probably not that different
than the questions a potential buyer would ask.
Ed
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