Every small and medium-sized enterprise (SME) owner will have to make a decision that has a big impact on their venture at some point.
It could be anything from a funding decision that means relinquishing control of the company, to the launch of a new product that fundamentally changes the business model.
Whatever it is, the decision-making process can feel overwhelming and paralysing with so much at stake. Here, five SME owners share how they go about making judgement calls.
Less haste, more speed
For Bethany Eaton, founder of coconut milk yogurt company, CO YO, her big decision came right at the start. “Before we even launched, I had to decide whether to start the business at all,” she explains.
“There wasn’t anything like our product in the market and it felt risky to predict what consumer interest would be like, so we decided to trust our instincts and go for it.”
While the first move might have been a hunch, the company then started using a timeline to break all decisions into three stages: research, consultation and conclusion. This helps the business prepare for many eventualities, and allows the team to move relatively quickly, and with confidence.
“While it’s important not to be rash, it’s essential that you don’t let indecision cripple your business,” adds Ms Eaton. “In some instances, inertia can be deadlier
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