Making Decisions

MAKING
DECISIONS

            What does it take to be a good leader? You have to be
able to handle big decisions. For example, does your business focus on a broad
market or a narrow one? You have to be able to write a business plan and secure
financing. Most businesses lack the solid, beneficial mentoring that I suggest.
Keep track of your expenses and income, pay taxes and decide when it's time to
buy new equipment or technology. Plan ahead for the good times and for the bad.
Handle legal challenges, liability problems and insurance policies with
expedience. And don’t underestimate the importance of having some kind of Human
Resources (HR) function within your company: firing quick and hiring slow are
two things that I recommend.

            In the end, every decision made about or for the business
is up to you. If you are truly set on a single course of action, no advice or
suggestion can turn you off. However, you must be willing to weigh all
possibilities and outcomes to decide what the best course of action for your
business is. Do not take making any decision lightly.

            Having a business involves much more than the idea
itself. Execution is equally important—and needed for the survival of any
business. Being in the entrepreneurial spirit may lead to skipping the rigorous
planning and calculating. This is a common mistake. I believe that whatever the
stage of owning your own business happens to be, it’s always the perfect time
to focus on the fundamentals.

MAKE
A PLAN

            By
now you should know exactly what you want personally and how much dedication is
needed. With the help of a S.W.O.T. analysis you understand the goals and the
requirements for both personal and business success.  Formulate and map out the details of the
upcoming venture.            As the
proverb goes: He who fails to plan, plans
to fail. A Business Plan is the key to the long-term success of any
business. Whether you are starting a new business venture or purchasing an
existing operation you will need a
Business Plan. Regardless of experience as a business owner you should spend
some time to work on a business plan in order to achieve success.  Surprisingly we often find that even the most
experienced business owners often fail to compile the simplest form of a Business
Plan.

            The objectives
of a business plan are as follows:

·       Establish    Mission
statement, goals, milestones, and expectations

·       Identify   Risks, products/services, market and
demographics, abilities and limitations, resources required and strategic
action to be taken

·       Project    Financial success, market trends, financial
requirement, and growth

            The details of
a business plan must include these fundamentals:

·       Analysis
of…

Market, long-term opportunities, current conditions vs. specified end-state goal

·       Confirmation
of…  

Marketing strategy and
various tactics, legal status and industry licenses, return on investment and
long-term gain, competitive edge and key points of achievement

            The length of your plan depends primarily on its purpose.
If you need to acquire venture capital or financing in the form of a business
loan you may need to provide extensive detail for prospective investors. If
your plan is simply a roadmap, then it can be shorter. Whether it is one
paragraph or 100 pages depends entirely on your objectives; however, every part
of the bullet points above must be answered clearly.

            Business planning will
help you think through your business, establish goals and targets, evaluate the
competition and put a value on your proposition. Having a business plan in
place will also help keep you focused through the more trying times that likely
lay ahead. If you are starting a new business you will require a plan to clearly assess every aspect of the business
and show how it will succeed. If you are buying an already established
business you will need to identify
the strengths and weaknesses of the business to decide if you will be able to
make it a success.

Sincerely,

Ilya Bodner

Small Business Owner