The ABCs of Better Decision Making for Small Enterprises
Time’s changing, not only in context of the innovations around and the societal perceptions, but also in relation to the individual choice of earning bread and butter, or rather say using the talent. Gone are the days when the youth was focused upon getting a job to fulfill basic needs and wants. Today the youth wants to be an entrepreneur and utilize their skills to the best, so as to get the talent used in best way and attain the peak by investing their time and money.
However, here’s a glitch, not every entrepreneur starting his small business gets to the list of successful people. By success here, I don’t intend to say that you become the next Ambani, Birla or Gates, but I just mean; attaining what you desired to or you should have with your plans.
What is ‘The Key to Success’?
With the very beginning each one of you might be expecting a ‘hidden secret to success’ or some ‘master key’ may be a ‘cheat code’ just like our PC games, but being loyal there isn’t any key to success. Yes the doors of success are always open, all you need to do is make the right decision at the right time and make sure that it is being implemented in the best possible way.
I Serve Quality and work hard. How decisions play a vital role?
This usually comes through the enthusiasts. I accept, but believe me, you aren’t the only one working hard and nor you are the only person serving quality. In fact, every small business enterprise thrives to sustain in the market and for this they try to put up the best in terms of quality and service.
Talking about the role of decision; starting the venture was one of them. Where to start? How to? When to? And so on. Giving it a thorough thought you’ll realize the invincible part of decision making. Now getting back to our topic for the day; How you can take better decisions for your small enterprise.
How to make Better Decisions for your Small Enterprise?
Here I’ll be sharing with you some necessary points to be kept in mind to make a better decision. I won’t say that the points mentioned are kind of ‘left thumb rule’ but yes, if followed precisely, you as an entrepreneur can take your business well ahead. Let us have a look at these:
1. Knowledge: The first thing that works as a firm base for better decision making is the ‘knowledge’. Yes, this is as simple as it sounds. I simply mean the knowledge of your business, market and of handling the resources. If you are well in knowledge about these, you can appreciably take better decisions and let your small enterprise roll in effectively in this competitive market. Keep in mind that you need to learn, learn and learn; all the vital and small things linked with the product/service and the market you are presenting it in.
2. Observer: The second, according to a senior entrepreneur is the observation skill. An effective entrepreneur is the one who can observe things well. It is said that ‘a good learner is also a punctual and disciplined spectator.’ You need to have the patience and attentiveness to observe the traits of the market and then decide the boulevard ahead. And I’m sure you people are aware of the fact that you can’t execute or plan if you do not have the knowledge or didn’t learn the concept.
3. Know Yourself: To take your Small Enterprise to greater heights, you need to know your strengths and your weaknesses. You should be well aware about the actions you can formulate and well and those for whom you need support or a helping hand. If the latter is required, make sure you employ the right mind and the right place and if not this you look for the perfect person who can guide you in the right direction. It could be an economist, accountant or a sales personnel. A business isn’t just about the product or service, manufacturing or delivery, but it has several other vital instruments that are to be taken care of.
4. Take a Step Out: You need to step out of your chamber to learn the market and the consumer needs. I don’t mean get to the streets out of your car of office, I simply intend to say expose your work and the brand. There are millions of people out on social media and other circles. Contact them and let them know what your business is about and the way you provide service to the buyers of your product and service.
5. Share Your Perspective: Before you take me wrong, I would like to clarify; share the things in a way you can get the hint of it being a cruiser or a city bike. It is said that listen to all but do what you feel is right. Talk to people (smart ones) and see what they have in their brain, filter and use them to execute your plannings. A single man can someday might go short of ideas and none around is smart enough to take a perfect decision for everything in life so by sharing the concepts you can get a better vision to your presumption.
6. A Strong Bond: Most of the entrepreneurs fail after a mile because they don’t maintain the relations with their buyers. Remember a buyer/client is your asset and you need to preserve it for long. Once this asset goes into the clutches of depreciation, things might turn unfavorable. A satisfied client might bring five new but an unsatisfied will take another fifty with him. Make sure that the queries are well answered and the grievances are sorted out. However, in this quest never ever forget to share the ‘token of love’ with those who are attached to you or who are getting connected. The biggest example to this are the cellular companies. I’m sure you are a smartphone user and have a service provider and you are thus aware of how they welcome and share treat with their users.
7. Extend your Network: The best way to do this according a senior entrepreneur is an ‘invitation’. Invite some big houses or those who have worked in your stream since long for a lunch or a dinner. Interact with them generously and request them by showing your abilities, to share the projects for whom they don’t have time or are too small for their reputation. Remember, it’s a ‘give and take’ relation, to have these from them you need to prove that you can be of help/support to them.
8. Be Generous: As an entrepreneur, you’ll have to leave behind the ‘I’ thing. Be generous to employees and to your client. Be calm and listen to their grievances and concerns and see how you can help them. By these things you can not only improve the efficiency and work culture but can also gain the Human Resource you can trust and rely for a longer duration. Not only this I would even recommend to step out of the hierarchy if needed. There are times when a subordinate might find a particular task difficult. Try to be the guide for him and make him learn. As I mentioned earlier, this won’t just improve the efficiency of work or raise your performance, but will also leave a good impact in front of the subordinate.
9. Conduct Seminars: Organizing a seminar can help you a lot in marketing your product or service. With this you can get the potential buyer and sellers and the personal interaction will give you a chance to leave an eternal mark on them.The ‘sharks’ of the professional world also go with this and once in a while find time to interact with their clients. Actions are supposed to be taken by you but with these you can get a better idea of what is to be done.
10. Local Charities: Participate in local charity programs. Through this you won’t just be in public and media presence, but the good deeds will leave a good impression and thus will incline the people towards you. With this they will readily use your product and service, considering that the money you are earning because of them, a part of it is being spent for a good cause.
These were the ABCs of better decision making for small enterprises and I’m sure enough that by amalgamating them into your regular channel, you and your business can flourish well. Keep in mind, I right decision if formulated at the right time and implemented in the right place can take you to the peak you always dreamt of. Business undoubtedly is about being practical and keeping a practical approach but a bit of the human instinct and the social taste won’t damage you or your business. We are first ‘humans’ the social animals before being an entrepreneur. These small and simple exercises will undoubtedly help you achieve the targets you have ever planned to achieve for the small enterprise.