Running a growing business is a constant challenge. But the hard part for business owners comes when they have to make tough decisions that can impact their employees, which they already consider family and therefore, making them people they care about.
These hard calls come in various forms, such as terminating an employee, promoting one team member or choosing the person to lead a project. Business owners face these kinds of decisions every week, which could affect their business, family and the industry they’re in.
Owners are advised to think “it’s just business” and to stay tough. This is good advice but many business owners still find it difficult to make the hard calls. When next you hear that phrase, remember that the heart of any business is its employees.
Caring about your employees is strength, not a weakness. Promoting trust and fostering a strong team culture is what makes a great leader.
So, how can a business grow its teams, keep a solid culture and make the difficult decisions that are needed for growth?
Think of the big picture
Ask yourself the following questions when faced with making a decision:
- What would happen if you don’t do anything?
- What is the long term consequence?
- Will the business be put at risk?
- Will it jeopardise the business as a whole?
If you don’t make the necessary hard decisions, there could be after-effects that you will be responsible for down the road.
Identify your values
It is important to know why you do what you do and what you don’t do. Identify your values as a standard or sieve for decision-making. Those values will build strong boundaries, which will shield you, your staff and your business. Identify your values, write them down and regularly convey to every person you meet.
Establish good communication with your staff and give them the facts they need to realise the reason why you made the decision. This action shows that you respect them, which in turn will strengthen them. Make sure you also give them the chance to share what they think and what they feel and be prepared to respond to questions they may have.
The bottom line
It might happen that your figures don’t just match. When it comes to business, figures must add up. If they don’t, you are putting your business at risk.
Make the decision
Not making a decision is the worst decision of all. Business owners are privy to an exclusive view of the happenings in their company. There are times when operating without a decision is similar to viewing a car crash. No person will make the decision unless you do. So go do it.
Business owners will make mistakes and people will be affected. But by following the tips discussed above, know that you did the best you could for your business, your investors and the people you are responsible for.
Business owners make decisions all the time, both easy and hard ones. If it is money- or finances-related, consult your accountant, or contact PJS Accountants, to guide you. We offer accounting and other bookkeeping services to individuals and companies, big and small. Allow our team to evaluate your financial situation and advise you in making the right decisions.