I’ve been in business a long time.
Not just in the attraction marketing industry spanning the last seven years of my career, but several other businesses that my husband and I have done together.
Maybe you haven’t experienced this yet, but you will.
There will come a time when you have to move on from your current business, or you have to make a major adjustment in your business.
The One Constant In Business Is Change
Some of these happen by design. Others times the situation arises right out of left field.
Suddenly the company you represent changes their comp plan.
Or the business partner you had in the honey moon phase went south right after you partnered up.
It could be any myriad of situations ranging from A-Z.
Some would say you have to slug it out regardless. I disagree.
Know When To Stay, and When To Pivot
There are times when you need to cut your losses and move on. Other times, you strategically exchange the current advantages you hold for a different set of advantages.
This in itself is a huge business skill.
Know how to recognize red flags, size them up and then make a business decision.
Let me give you an example of a red flag.
“We don’t need attorneys to help us do this. We can do this just fine without them.”
Why wouldn’t “we” want an attorney to be a part of the negotiations or at least over see it?
I’ve run into this scenario, and have had to make these types of decisions over and over and over in my business career.
I’m sure you have too, to whatever extent big or small.
It’s wearing isn’t? But this is exactly what business owners get paid to do. We are paid in direct proportion to our ability to make good decisions.
So we can’t shy away from it. Instead we need to strengthen this capability.
How To Get Paid To Make Good Decisions
I’ll share some of my tips and strategies and then I’d like you to share what has helped sharpen your business decision capability.
Never make a business decision under high emotional duress.
Seek counsel.
Make sure you’re not reacting to a personal blind spot. Develop a team of trusted advisors you can go to.
Never underestimate the importance of character in the business relationships you build.
Are you reacting or are you proactive?
What could you have done proactively to circumvent a sudden decision in your business? What can you do differently moving forward?
Go ahead and share with me a painful business decision you had to make. What did you learn from it and what will you do differently to prepare yourself for the next business you have to make.
Wow! This post could not be more timely for me! I have been in major reflective mode for the past 6 weeks or so.
My history is that I launched and opened a yoga studio in a major urban hub in Jan. of 2006. And after working the business for four very hard and devoted years I made the decision to close the doors (actually sold it to someone else) and move on. For me, moving on meant not really having any specific plan except to relocate from a city I had lived in for 30 years and make a new home in South Florida.
I’ve been doing some freelance teaching of yoga since April the summer of 2010 but since nothing really gelled for me I decided to journey into the world of Internet marketing.
I’m 7 months into attempting to create a marketing funnel and still have not nailed down exactly what it is I am selling! I’ve been slowly building my list but without any tangible product to monetize the business.
I am at a crossroads. So I know my decisions over the next several must be very conscious and intentional.
I feel strongly that I need to come up with a business strategy that includes both building up my local face to face clientele AND I’d like to have another strong, regular income stream from the Internet.
A big issue for me is how to balance my time, to get both goals accomplished without burning myself out physically and emotionally.
What have I learned through all of this?
1. Take time to make important decisions – contemplate, ruminate, brainstorm, turn it over in your mind many, many times and make sure to look at the decision from every possible angle before diving in.
2. Seek counsel from trusted advisors and peers
3. Always be ready to change course in a heart beat
4. Do not get emotionally attached to any aspect of what you are doing and keep your emotions in check when making decisions.
BTW you can still be passionate without the emotional attachment. This has been a hard lesson for me to learn.
Ann, thanks for the post. For me, your words reinforce the importance of making conscious decisions and knowing when to deliberately change course. The worst thing one can do is to fear change and continue to beat a dead horse!
Hi Dee,
I have found the trusted adviser part to be the most important part. I have that with my family team and then secondly with my 80/20 Marketing team.
I totally 100% concur with what you say about being passionate without the emotional attachment. Very well said on your part. We always want to maintain our passion for what we do but to be careful in how we express our passion. There are many vehicles or methods to do that. Some times it is exactly that. To move on and find another method.
That’s why you’ve got such a great story to share.
Keep your flame shining bright, Dee!
Hi Ann,
Thanks a million for your encouragement! And yes finding mentors and comrades is a huge priority for me. One thing I realize, is there is a time to act swiftly with no hesitation whatsoever . . . . on the Internet we sometimes need that speed. But at other times we need to learn to sit with the discomfort of not knowing how to proceed.
Most notably my past ventures where short on strategic thinking.
I hadn’t a clue as to what it was or why it was necessary.
Clearly many business operate this way and do OK.
But it seems to me that those who master strategizing and then following through on that strategy, will make it to the top of the hill, leaving everyone else in the dust!
My current goal is to keep mapping it out — until it looks really good on paper before diving in.
And yes to continue to stoke the internal fire.
In the words of my brilliant yoga teacher / mentor – Shiva Rea: http://www.shivarea.com
I call it tending the fire. It’s cultivating a 24/7 relationship to your heart fire—the light in your heart and in every cell of your body. It’s not a chore—it’s a priority. If we don’t tend the fire, it will go out. If the fire goes out, you get to a point of exhaustion, apathy, depression, and being pissed off and angry.
If you lose your sacred passion, you’ve lost the whole purpose for being alive. That’s what I saw in the eyes of people deep in the bush in Kenya, people living in absolute abject poverty. Tending the fire means that no external circumstance can put out your fire—you know how to stay connected and devoted to your heart-fire.
So beautiful stated, Dee.
I use the analogy to the Serengeti quite often myself. We need to stoke that fire at all times. As a matter of fact, I just did a two part video series and the second video is exactly to that directive. Keeping the fire stoked with a burning desire. That is pretty much what I owe my success to. Nothing terrifically complicated but a rarer trait than people might believe.
Thanks for all your contributions Dee!
Thanks again Ann! I’ll look forward to seeing that 2 part video series!