The key to good decision-making is being in the right mindset. Too often decisions are made from uninformed or misguided thinking, resulting in a "wish I would have known then what I know now."
Part II of II - Last month, I shared insights on how Wishful Thinking can stagnate business progress. While Wishful Thinking is often openly expressed in a somewhat exasperated state of mind, Fearful Thinking is often not shared or spoken, but lies within one's subconscious, impeding decision making or effective action through an undermining whisper. Are any of these Fearful Thinking mindsets impacting your business? 1. Fear of Losing Control: If you or someone within your company have been...
Over the past several months, I have witnessed buy-sell agreements fall through in businesses because of unanticipated developments that converted an appealing opportunity into a calamity of hidden surprises that ultimately killed the deal. As more and more Baby Boomer business owners are looking toward selling what they have built over the years, as well as Boomers ready for a second chapter in their lives, willing to invest in a business venture, it is important to be fully aware of some of...
In working with various entrepreneurial and small business clients, I have noticed a trend that beckoned to be explored further. Let's face it, business owners work hard in their businesses. So hard, in fact, that sometimes their vision can be clouded and their ability to make decisions can be stymied due to feeling attached to aspects of their businesses that are no longer serving them well. This "hanging on" tends to always boil down to an emotional attachment that derails strategic business...
Entrepreneurs, business owners, and top executives, for the most part, are workaholics. But is this necessary to succeed? Part of the reason for this is the passion they have for their enterprise. The other reason, too often, is because they believe the enterprise would not or could not keep running without their involvement. When employees are in the mix, the work ethic of owners or managers can either inspire productivity in others by their example or cause unintentional side effects that...
As business owners we are constantly choosing. Decisions are upon us all the time. We are also continuously shifting and adapting, which is why we can be the most resilient when necessary during challenging times.The key to good decision-making is in being in the right mindset. Too often, decisions are made from uninformed thinking or misguided thinking, resulting in a “wish I would have known then what I know now” regret at a decision made. Here are five areas to consider in how you choose...