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.
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.
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.