Everyday, we make decisions in life. What to do, where to go, how to make it…All of these need us to make decisions. One after another, it will lead to results.
In business, a Business Owner has to make decision for his business as well. Other than reviewing the current status of his business, he needs to plan ahead of what he wants to achieve for the business.
One aspect in making decision for business is to have a basis for it. Meaning, by having controls in critical areas of business management, a Business Owner will be able to manage the risk of making bad decisions.
One of the most important controls, is in finance. By having financial controls, business owners will always have access to the numbers of his business. Gross profit and next profit is only part of it.
The percentage of growth in sales and gross Profit (GP), productivity and efficiency is also important as Business Owner make the analysis.
Moving from there, then only Business Owner able to talk about expansion, opening new outlet, licensing and even franchising the business.
Only a profitable business will be able to duplicate well. It is not a decision that you want to make simply over a cup of coffee with other Business Owners. What more from a poll you made on social media.
Business decision must be made from analyzing the numbers. Business strategy are decided by business owners or the founders of the business.
This is what normally happen in many small businesses who yet to have the capacity to appoint suitable (professionals) Board of Directors in their company.
For small businesses, it is easier for them to move and manuever compared to big giant corporations. Take the advantage, plan and strategize your business well.
