Women's Business Blog

3 Key Steps For Women Entrepreneurs In Making Decisions

Posted by Vicki Donlan on Fri, Feb 13, 2015 @ 18:02 PM

Male or female, if you are an entrepreneur you have to make decisions 24/7 regarding your business. Many decisions may not seem like make or break it judgments, but the lion share will impact your business for the better or worse. So, how do you, women entrepreneurs, make business decisions? decisions

The answer to this million dollar question (or in some cases multi-million dollar question) is to make business decisions CAREFULLY, but by taking IMMEDIATE ACTION.

The fact that every business, and therefore every entrepreneur, has multiple decisions to make every day reminds us that decision making is exactly the definition of being the leader (entrepreneur). If you are not prepared to make mistakes with your decision making than you should not be an entrepreneur in the first place.

The first key step to making decisions is: To Make Decisions Quickly.

Most decisions require immediate attention. For example: When does the office meeting take place? Who should attend? What is the agenda? What is the proposed outcome from the meeting? How often are these meetings held? Etc.

Entrepreneurs who are not comfortable with the simple decisions dramatically find it more difficult with the complex decisions.

For example: How much should be spend on marketing? Should we advertise here or there or at all? Should we put money into marketing, sales, product lines, salary or our own pocket? Should we change what has always worked in the past if we don't really know what might work in the future?

Isn't it amazing how one's blood pressure can rise just by reading the more complex decisions that an entrepreneur must make? Yes, but it is the true story of every woman entrepreneur, and male entrepreneur I have worked with. Successful decision making is on the top of the list for every business owner.

Once entrepreneurs learn that the first step is to act as soon as possible in making decisions they ask for the next step.

The second step is to weigh the decisions. Yes, weighing the decisions actually follows taking action because decision making is so intensive at the top that having the luxury of weighing a decision happens only when the decision can be delayed for a short time. Therefore, making the decision to go with ABC Company or XYZ Company for one's insurance, legal, marketing, website, or marketing work etc. should be weighed with the pros/cons and equals. In other words, ABC Company is cheaper -pro - XYZ Company works with a competitor - con and/or ABC and XYZ have close ties to the entrepreneur's company - equals. Decisions of this kind are definitely more stressful, but often times may work out just as well in either case.

Finally, step three is to push the decision making out to others in the business. Of course, the entrepreneur (business owner) will make the final decision, but getting input from those on the front lines can be beneficial beyond words. Regardless of the size of your business, every business has others involved with it in some form or other. For example: staff, customers, vendors, and even Facebook followers. Entrepreneurs can disguise important decisions by raching out to these groups of people to get feedback so they can feel comfortable with their ultimate decision.

Now, I want to be clear and say I don't necessarily believe that Facebook and your fans at this site can provide YOU the entrepreneur with the answer you need to make a decision. BUT, it is not unlikely that if you get enough feedback from people who know your business that you won't be capable of making a more informed and therefore better decision.

Decison making is critical to the success of every business. Every time you put off making a decision for your company you put your company in jeopardy because a company is a living, breathing entity that must be nourished just as you must be nourished. So, as long as you treat your company in that way and understand the responsibility you have to keep moving forward in your business - your business will flourish. Don't fear what's up ahead because there is always the potential for making a turn in either direction if necessary.

Wishing you, every woman entrepreneur, success in your decision making.

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Topics: women entrepreneurs, woman entrepreneur, women in business, business owner, decision maker