As an entrepreneur, you have so many decisions to make. Some will be no-brainers while others will take more evaluation. This could be hiring a sales person, working with a PR company or paying a consultant. Renting office space, attending a conference or taking a business trip are also other types of business expenses that need consideration.
Before you make these types of decisions, ask yourself these five questions and take a look at some potential answers below to help guide you towards a conclusion that’s right for your business.
1. I am doing this for:
- Brand awareness
- Market research
- Business support
- Building my database
- Time savings
2. If I move forward with this venture, I will be happy with:
- New accounts
- More time
- Consumer learnings
3. In my eyes, these metrics will define success and can be based on:
- Business goals
- Sales, website and social data
- Year over year growth
- Return on investment (ROI)
4. This decision is on brand because:
- It will elevate my company
- It’s in line with my company’s values
- I’ve done the research to make sure it’s a fit
- It’s who we aesthetically hang with
5. Do I have the time, money and resources to make this happen?
With most small businesses, resources are slim and need to be stretched, so you have to take into account time and money. If this decision is going to cause serious long-term debt or take you away from doing something to grow your business, you may have to decline which is completely okay.
As you move forward with your business opportunities, it’s important to go through this process so you can make the best decision possible and move forward with success and not regrets!
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