The life of an entrepreneur is filled with ups and downs. The challenge is having the foresight to anticipate change and be ready for it, rather than reacting to it.
However, there are times when out of the blue, a significant event occurs that disrupts your business model. Maybe it’s a major customer that decides to go with the competition. Perhaps a new product has been recently introduced that has the potential to decimate your business. Whatever it is, you need to recognize it and take immediate action.
It’s at this critical point that many business owners freeze. It’s easy to succumb to what is known as “Analysis Paralysis”, that is, and endless cycle of what went wrong, without any action to counter the effects. Other owners do nothing, fearful of making the wrong decision.
This is the time to take decisive action. In fact, tough decisions often are disguised opportunities. Successful business owners recognize the benefit of different perspectives from trusted advisors. This is a reason why every company should consider starting an advisory council. Your council should include top management and external, trusted advisors, such as attorneys, bankers, accountants, etc. The council should meet at regular intervals and discuss strategic issues facing the Company and other industry developments.
Although input and advice can be invaluable, ultimately you are the decision maker and you must make the right decision for you. Whatever process you use, you need to identify the critical issues, evaluate the solutions, and execute the strategy. Using this framework, your decision must reflect your core beliefs and vision. Lasting success requires business owners to constantly resolve critical issues. What’s your secret?