How to manage the stress of making the right business decisions
It can be stressful when you have to make important decisions regarding your business. We all want to make the right decisions and this can create a lot of anxiety. But to get ahead of the game, it is a necessity.
As a result, here are some suggestions on how to make the right business decisions without getting stressed out.
Know all the facts regarding your company
Gather all of the facts and necessary information that impacts your business. This is important, because you do not want to miss critical information that could make a difference in how you run your business. Also, by being part of the information-gathering process, you can eliminate biases or opinions others may have.
For example, understanding how your competition is doing business is very important. Finding ways to improve customer satisfaction is another example of knowing the facts of your company. A business owner can talk to their employees and customers to get the necessary information regarding certain business operations. It is also important to read all of your important business reports and keep abreast on the media coverage of your business. These are just a few of things a business owner should know about his or her company.
Focus on the results
Think about what you want and consider the possible outcomes of your decision. A person needs to focus on the short-term and long-terms goals regarding every aspect of their company. For example, keeping up to date on the company’s financial statements is very important. Keeping abreast on your employees’ morale is another example on determining the direction of your company. Looking for ways on improving how your company does business will go a long way in accomplishing your business goals and mission statements.
Get everything in writing
Sometimes it is your loyal customers who are most difficult. It is important that you get everything in writing when dealing with them. Misunderstandings will happen, expectations will not always be met. In dealing with anybody, put everything down in writing to save money and heartache down the road.
It is important to consider other viewpoints other than your own, so get advice from your friends and business peers.
For example, a good technique is to talk to your important business colleagues and managers to get their opinion on how to manage your business. For instance, you have to make a decision on which client should manage your marketing campaign. Ask your business advisors and other managers on what they think regarding who would be the best fit in managing your campaign.
In addition, a business person can join a local business support group to network with other professionals in the field. This is a great way to get valuable information regarding your industry.
Do not try to do everything all at once and when things get hectic stop what you’re doing and take a 10 minute break. Take a few deep breaths and try to do something that will make you feel more relaxed such as taking a 10-minute walk, listening to the radio or doing some stretching exercises to help de-stress. You will feel better and gain a fresh perspective on your current situation, whether it is dealing with your employees, giving a presentation or improving your company’s marketing plan.
Learn to communicate effectively
Get into the habit of talking with the people you do business with. Ask questions and make sure that everyone is on the same page. Effective communication with your customers will prevent misunderstandings down the road.
In addition, your clients want to work for those companies who are fair, honest, and willing to admit when they’re wrong. Be willing to admit any mistakes you may make when doing business with others. Your customers will respect your integrity.
Prepare for unexpected surprises
Sometimes, things happen that take everyone by surprise. When unexpected things happen, deal with them immediately. If some of your employees call in sick on one of your busiest days, don’t get stressed out. Just reassign some of the tasks to others or take it upon yourself to handle your customers directly for the day. Learn to find the solution instead of being the problem.
Don’t assume anything
Do not assume anything when being an effective leader. Ask questions and be aware of what is happening under your watch. If a problem comes up, then deal with it right away. Communicating with your other team members is vital in having a successful business – and don’t assume that everything will go according to plan.
Stay the course
Managing your own business involves a series of ongoing business decisions. Don’t put off important decisions, and don’t worry about your past mistakes – just keep focusing on what is best for your company. To determine the best outcome for your business, always listen to your customer needs and have your finances and expenses organized. Customer satisfaction and making sure your company doesn’t run out of money are some of the important priorities of any business. If your business is going in the wrong direction then you need to re-evaluate how you run your business.
Learn from your mistakes and re-evaluate
Making a business decision is not a life or death situation. If you make the wrong decision, then the next step is to learn from your mistakes and go from there. Learn what you did right and learn what you did wrong. The key is not get so worked up that you do not know what to do. Be patient and eventually you will be able to make the right business decision. Do not let your fears get the best of you.
For example, your company decides on a marketing plan for a certain product, however you don’t get the expected results in terms of sales and customer satisfaction. When this happens, learn what went wrong and use this knowledge the next time you market your other products.
Be open to new possibilities
Do not get into a rut performing your business services. A customer can provide valuable advice on how you do business and its important to remain flexible enough to consider their suggestions. If a customer tells you a similar company in another city handles their marketing campaign a lot differently than your business, don’t get upset and offended. Listen to what your customer is telling you. Be willing to improve and make changes as needed. Do not assume that you have all of the answers and always remain committed to doing things more efficiently.
Remember that you make decisions all the time. It would not be the end of the world if you made the wrong decision. You can always re-evaluate your situation and do something different. Do not put a lot of pressure on just one decision. You will have other opportunities to correct the situation.
Stan Popovich is the author of “A Layman’s Guide to Managing Fear”. For more information, visit: www.managingfear.com.