Decision Making Tips for Small Business Entrepreneurs

Posted by Pierre de la Fortune on July 25, 2015 @ 12:01 a.m.

Written by Steve Ma. Reyna

Effective decision-making is an ability and skill that every entrepreneur must possess. Day-in and day-out, entrepreneurs are deluged with problems and challenges. Here are the three most important factors that you need to consider when making decisions as a small business owner.

Entrepreneurs are constantly deluged with challenges and problems day-in and day-out. As a business person, you need to make decisions everyday -- from getting customer orders fulfilled, deciding on buying a new equipment, getting a bank loan approved, extending your working hours, increasing your office space, and strategizing how to get more customers.

Whatever decisions you make, the three most important factors you need to consider are the following:

1. You are the most important person in your life, and by extension, your family.

So, whatever decision you make on any of these complex issues must be on the grounds of what is best for you and your family. The last thing that you would want to happen is to alienate your family.

As much as possible, involve your family in your business decisions, particularly those that could affect them, such as your plan to extend your home office. Seek your family's involvement and support; ask for their involvement and ideas. However, always applaud yourself for doing well. Rewarding yourself when you deserve it is the lynchpin of self-motivation.

2. Second, consider what is best for cash flow, which is the money that flows in and out of your business.

Cash flow, and not profits, is the lifeblood of your business. If costs go uncontrolled, if you do not move the cash around and cannot pay the bills - the business dies. Cash is the main element of working capital, and it is your job as an entrepreneur to ensure that the business moves within its cash cycle. Check how your business decision will affect your cash flow. How well you manage cash is going to have a major impact on the success, and very often, the survival of your business.

3. Third and last, consider what's best for tax purposes.

Make sure you keep an eye on taxes and don't just leave tax considerations until the end of the financial year. Being audited is not something that you would hope for, or worse, having your assets seized for failure to pay taxes. If it's any consolation, a big tax bill is a measure of your success! You must constantly monitor the taxation environment because it is always changing, but never let taxes become a preoccupation in your decision-making. Avoiding taxes can mean avoiding profits.

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