The decision to open a business should not be one that comes easily or overnight. Most business owners cultivate a passion for their product, have learned the trade over time from a family business being passed down, or simply find a need for the business in a specific market.
Business owners then find that it takes long hours and diligence to start, run, and make a business thrive, which most often results in owners get emotionally attached to which they begin to personify their business. You have heard it or said it before," This is my baby". Here is where the problem lies. A business is not your sweet bouncing baby, nor is it a cute little puppy that you adopt, it is a business. Once emotions get involved, people start making decisions based on feelings rather than sound decisions based on what is right for the business organization. Once one decision is based on emotions, it is only natural to adopt an umbrella way of thinking and addressing objectives with the same mindset. This can lead to serious problems for all involved, and ultimately the failure of a business. Here are some examples of the most common Emotional Decisions versus Business Decisions.
Emotional Decision: Trying to keep a business open that you worked so hard on and spent so much time in, even though you know its time to re-evaluate and possibly shut the doors.
Business Decision: Carefully evaluating the accounting records and recognizing that revenues are not increasing and the business is not growing despite marketing efforts.
This is not an easy decision by any means. However, many business owners are faced with this decision daily. Just take a look around and see all the empty office buildings and closed restaurants. The best approach is to not wait until you are in dire straights living out of the back office room. Monitor your business daily, weekly, monthly, and know where you stand at all times. Try every means necessary to prevent this from happening, and make a sound decision to close the doors before you are forced to by the IRS, bank, or any other entity that has the power to do so. Like a good Shakespearean play, the omens are there. Do not cloud your better judgement by emotions.
Emotional Decision: Firing an employee who is eccentric and perhaps has a different lifestyle than your own even though they are great performers.
Business Decisions: Accepting that not all people have the same personality or lifestyle and recognize they are making the business stronger with their productivity.
I know what you may be thinking, it is illegal to fire someone for that those reasons. Why, yes it is, but we all know it still happens everyday, and often owners/managers find reason that are legal to justify firing this person. Good workers do not come easy. If their lifestyle or eccentricities do not have a negative effect on the business why should you care? You shouldn't because that would be emotional. They are good performers and are producing for the business.
Emotional Decision: Not innovating or listening to others because that is how you have run your business for however long and you are always right.
Business Decision: Swallowing your pride and listening to feedback from others to see how it applies to make your business better or processes run smoother.
This is definitely one of the more common issues I have encountered. The fact of the matter is everyone of us who owns a business has to constantly evaluate how things are running and improve upon methods even if they are working. This is not to say everything needs to be changed, but market demands and technological advances do require continuous evaluation. It is easy to be reluctant to change when something is working, but being able to accept feedback can help business owners broaden their view, while keeping an open mind that sooner or later things will need improvement. A business that responds to changes in the market, helps to add an overall cutting edge to their products and services.
Emotions should be kept out of business decisions to ensure the continued growth of the business. Facts, figures, and findings will not fail you, but feelings may. Its business.
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