Over the past nearly 100 years this has been perhaps the most difficult and challenging of times businesspeople have directly had to face since the Great Depression. Yes, there have been recessions and wars, but these times are unique as many factors converged upon another. For many the business signs flash “open” once again. Whether your business was or was not hugely affected by the national or global events there is still a great need for all of us to get our business back on track again. With people, with technology, with product and supply chain, and with how to manage the business better in this now changed world. Along the way this has created, knowingly or unknowingly, an incredible amount of stress. It’s brought out the best in people and it’s brought out the worst in people. That is why CEOs, presidents and business owners cannot be afraid of the tough business decisions moving forward. That is, if you want to remain successful and competitive in business. Then tough business decisions are necessary and inevitable. Are you ready to make those decisions when the appropriate time arrives?
As a CEO, president, business owner or entrepreneur you have to:
- be able to think clearly and with vision
- plan your business strategy
- be better than you have ever been before in making decisions.
You have to look at your business each day knowing that your business must and will continue. There are necessary actions you are going to have to take. There are business decisions you are going to have to make that may be unpleasant. You are not going to want to make them, and that’s perfectly normal.
In any normal business year, you make decisions that are difficult. But as these extraordinary business times continue to evolve you need to make sure that you are continuing to be in business – not just for the short term but for the long term. Not just for yourself but for your employees, your vendors and suppliers, the community you live in because business is what makes the national economy work. People need what you have.
Business Is About People
Always remember what business you are in: You are in the people business, first and foremost. What type of business you have just happens to be what you do.
When you’re making decisions, either everyday or once-in-a-lifetime decisions, do not hesitate to make the tough business decisions. If you don’t make those tough business decisions, no matter how difficult they are, it may have a serious impact on your company.
- You need to think clearly.
- You need to have a clear strategy.
- You need to rethink your entire business. How the decision will impact your business.
- You need to make sure that you are doing everything you can by gathering together all of your experience and knowledge plus all available information to reach a decision you can be comfortable with.
When a tough business decision comes along about company changes, dealing with a vendor, dealing with an employee or whatever it happens to be – you must make that decision. If you don’t make the decision the business may not be able to continue as you would want it to. Every decision impacts your business.
Don’t let your business be a statistic.
Remember: Business never closes. It just keeps rolling on.
Though the world may seemingly stop, your business doesn’t. It’s up to you to keep the business on track or to get it back on track. I remember advising a well established company that was thinking the end was near; only to reverse their fate and add $300,000 in revenue the following year. It can be done. Even if your business is profitable, it can become even more profitable and an even better place for everyone to work.
Don’t Delay A Tough Business Decision
Open your mind to the possibilities from the tough business decisions you make.
- Plan your strategy.
- Think about what you need to do.
- Think about how you are going to do it.
- Gather around yourself the best information and the best possible people.
- Communicate to the people you work with what you’re trying to do.
- Communicate to your vendors and other key business professionals what you are trying to do.
- Have an attitude of you are going to succeed.
- Never regret a tough business decision. Keep moving forward to the next decision.
I saw a quote from Michael Jordan that I thought was interesting because he operates in business and in sports with a philosophy about winning. To paraphrase: Most people want to win, but Michael Jordan the great basketball player, his attitude is that he didn’t want to lose.
Make sure you are on the winning end of your business each day by doing exactly what you need to do to make the tough business decisions when they present themselves.
- Plan the right strategies.
- Rethink your business
- Make the tough business decisions that have to be made every single day. Otherwise, you may regret not making that business decision six months to a year from now.
- Ask yourself: Where do I want my business to be in six months or a year?
Years from now, people will still be talking about and referring to these business times. As a CEO, president or business owner, you will remember these days for the rest of your life. So let’s make the best of these days to enjoy the present and to eventually look back with a satisfaction you made the right choices even though sometimes that required some really tough business decisions.
Always think it through with your business in a positive way.
Let’s be in action every day.
Whatever you face with your business, you can do this.
Remember: You are a businessperson.
You have faced adversity and the tough business decisions before in your business and know you will again, but you have the skill and the ability, the will, drive and determination to make it happen.
To your success!
Business expert and strategist, Howard Lewinter, guides – focuses – advises CEOs, presidents and business owners throughout the United States across a wide range of industries, to MORE success – MORE profit – less stress. Business people trust Howard’s vast business knowledge, practical advice, intuitive insight and objective perspective to solve business problems and issues. Get MORE from your business! Talk business with Howard: 888-738-1855.
Other articles by Howard Lewinter:
- Get Fear Out Of Your Mind For Business Success
- When Making Business Decisions: Don’t Push A Bad Position
- Indecisiveness Can Cost You Your Business
Connect with Howard on LinkedIn
Follow Howard on Twitter
Listen to Howard on iTunes or wherever you tune into podcasts.