Running a business is all about making decisions. Everything from what kind of products you want to sell to pricing, location, and everything in between, business owners have a lot on their plate!
You may make a million little decisions every day, but it’s the big decisions that can cause you to lie awake at night. You may be tempted to put them off, but you shouldn’t! Those decisions aren’t as scary as you think.
Here are four of the biggest business decisions you’re likely to face, and tips for facing them with confidence.
Taxes
Taxes are the bane of everyone’s existence. Although it may be easier to put taxes to the back of your mind until after the first of the year, it’s actually much better if you make important tax decisions throughout the year.
That means hiring a tax advisor. A professional advisor or accountant can help you with a wide range of tax-related decisions that include:
- Choosing the right business entity
- Understanding the new tax laws
- Filing your return
- Helping you find ways to cut costs next year
Dealing With Difficult Employees
Dealing with employees is a challenge, no matter how many you have. It might be a team dynamic that you don’t like, team members who don’t seem to put in as much time and effort as the rest of the team, or employees who don’t seem to follow protocol. No matter what the reason, facing those employees with open eyes is hard.
First, try and give them the benefit of the doubt. Speak with them about their performance in a caring way and see if you can discover the cause of their behavior. Additional training might help too.
If nothing seems to work, don’t be afraid to let difficult employees go.
Dropping Clients That Don’t Fit Your Business Model
Letting difficult employees go is hard, but that’s nothing compared to saying no to bad clients!
The old adage that, “the customer is always right” is very wrong. It doesn’t matter if they are rude to your employees or if working with them is simply causing you to lose money, you can and should reject customers that don’t fit your business model.
Expanding
Growing is a common dream among businesses of all kinds, but when the time comes, it can be an extremely difficult decision to make. It’s one you shouldn’t take lightly.
Don’t feel pressured into making a decision. Put in the time and research to see if the expansion is really what’s best for your business. Only after consulting with advisors and feeling confident in your new business model should you allow your business to grow.
Running a business is so hard because there are so many decisions to make! These are just a few that you might be faced with. The key is facing each and every decision with confidence so you can rest easy knowing you made the best decision for your business.
