Many business owners feel qualified to act on their subjective conclusions. Where these conclusions are key to the continuing success of the business this internal process opens up the possibility of failure – what if you have failed to consider all the possible risks?
As individuals, we can only grapple with our internal thought processes, we are doomed to be subjective. However qualified we may feel to make decisions, we should always be open to discovering what it is that we do not know, that we do not know…
And the best way to do this is to have trusted advisers or mentors, who can flag-up those ‘do not knows’ and in such a way that we avoid mistakes and enhance successes.
The best way to avoid making costly mistakes is to set up boundaries, what level of cost or investment or major change in your business activities should flag up the need to consult with third parties before ploughing ahead?
Having set these limits, for example, considering a financial investment above a certain amount, you would then approach your adviser with your ideas and ask for their opinion.
The choice to ignore their opinions is still yours to make, but this process should inject much needed objectivity into your decision-making processes.
Aside from your professional advisers, we all know respected individuals – for example, retired, successful businesspeople – who can open for debate issues that you may not have considered.
This would need to be a brief list. Otherwise, there is the risk that decisions will never be made, and opportunities will be missed.
Often, opening out the debate will enhance the outcomes rather than close down changes.
We can help
You will appreciate that we have acted for numerous businesses over a number of years and have witnessed a multitude of situations that have contributed to the success or failure of these businesses.
Hopefully, this places us in a unique position to be a useful sounding-board when you are faced with making critical decisions.
Do not hesitate. If you are about to make changes of whatever nature in your business in the near future, pick up the phone. We would be delighted to discuss your options.