There are three key elements to making good business decisions. These elements will help you to evaluate and get your creative thoughts flowing. When your home based business is confronted with an opportunity (which even in the worst case scenario is an opportunity), you need to be ready to evaluate and make the tough decisions necessary for your company’s survival.
3 Key Elements for Making Good Business Decisions:
** Determine what exactly is the business opportunity or challenge.
** How will it shape and change my home based business?
** Will it benefit everyone involved?
Determine what exactly the Business Decision is.
What I normally do is to put down in writing the business opportunity or challenge that has come up. Clarifying exactly what is it that I need to decide on. Look at this opportunity as if you are not really in your home based business but merely an observer. Step outside of your business and look at it from an outsider’s point of view.
I know that it is very hard to do but many times I find talking to someone who isn’t involved with my home based business will help. This will help you remove at least some of your emotions. This is important when making delicate business decisions because the moment we put our emotions into the mix we lose our logical side of the equation.
Write down everything positive and negative about the situation. Organize your writings into columns of positives and negatives to make it easier to see. Also there will be times when you will need to make a neutral column which will not really add very much weight to either side of the columns until you make a business decision then it will usually become a positive.
Try to look at each side of the decision and take time to analyze as many consequences as possible.
How will it Shape and Change my Home Based Business?
Some questions to consider will be how and in what way does this business opportunity shape or change my business? Will it fit into my life plan and business goals that I created before the business came into reality?
Be sure that this business opportunity fits into your full plans for your home based business. If not then you do not have a match. If it does fit into your plan will it help you in the way you want or is it just a quick fix which may cause problems down the road?
Remember the more emotion you have about the decision the harder it is to make rational and good business decisions! Try to remove yourself from the emotions as much as possible. I find that a diversion of some sort might just remove a lot of the emotion.
Will it Benefit Everyone Involved?
Will my business decision benefit everyone involved? If so how? If not, why not? When you have made a good decision you will know it by the beneficial outcomes for all parties involved. Your home based business will profit as well as your employees and family members as well.
When you have made the right business decisions it will fit into your life plan and business goals without a question. You will have a great feeling of resolve and peace. All parties involved will have benefited from your decision and your home based business will continue to flourish.
Paul Kopp is the Founder and CEO of Kopp Enterprises, Inc. Paul has been a Home Based Business owner for over 7 years. Currently he operates 2 online businesses and also is involved in numerous non internet related businesses. Paul created Home-Based-Business-Solutions.com to give quality information and resources to start and run a home based business smoothly and profitably. He covers all the topics from A-Z for home based businesses. This article and others can be found at his Business Resource Center.