Kenneth Dettman, CPA, is the CEO of EZ-ERC and is considered a pioneer in the Employee Retention Credit service industry.
Launching my company amidst the unprecedented challenges of the Covid-19 pandemic and subsequently venturing into two more startup endeavors within a mere two-year span has not only been a journey of entrepreneurship but also an intensive crash course in the art of decision making. Through these experiences, I have gathered insights that helped me navigate the unpredictable nature of building a resilient startup.
In an effort to support other growing small businesses, I am passionate about sharing these hard-won lessons with fellow business leaders. It is my firm belief that especially in times of uncertainty, knowledge and wisdom are the most potent tools in a leader’s arsenal. My hope is that these insights can be a valuable resource to empower fellow entrepreneurs to make informed decisions that drive success.
Don’t be afraid to make decisions quickly.
When starting any business, it’s normal to feel hesitant about early-stage decisions, big and small. Critical decisions made early in the life of a company can have an exponentially greater impact than those made when a company has reached maturity. But if there’s one thing I’ve learned, it’s that taking too much time, hesitating too much or holding multiple meetings in order to make decisions will stunt your growth and can be just as harmful as making the wrong decision. You have to accept that not all decisions will be the right ones, and you will make mistakes. If you can learn to accept both of those truths, you’ll become more comfortable with making decisions quickly. Don’t be afraid to act quickly, especially when you feel something is right.
But also, don’t make decisions on the fly.
While you want to make decisions quickly, you don’t want to make decisions on the fly. This might seem counterintuitive to the previous tip, but making decisions quickly does not mean you shouldn’t think through the impacts of that decision. It is important to efficiently project the potential magnitude of each decision so you can better establish the difference between when to move quickly and when to take a moment to step back. Try to sleep at least one night on every major decision. If a formal meeting is necessary, you don’t need to spend a ton of time deciding how to set it up or ensure that every relevant person is invited, but when it comes to decisions like signing a material contract or initiating a strategic business deal, it’s best to weigh the options and possible outcomes before you sign on the dotted line. Anything that requires a signature should be given special care.
Don’t be afraid to ask for help.
In the world of entrepreneurship, seeking advice and assistance from a diverse network is crucial for effective decision making. Talk to people with different perspectives, learn from both your own and others’ mistakes, build a supportive network of mentors and peers and embrace the collective wisdom of your connections. This collaborative approach ensures that you make informed decisions that drive your business’s success amidst uncertainty, turning entrepreneurship into a collective effort rather than a solitary journey.
Treat every decision or change in the process like a science experiment.
Whether you’re making a decision quickly or taking your time, every decision in an early-stage business or startup can be approached using the “scientific method.” You’re making a hypothesis and then testing if that decision will have the results you’re expecting, and you won’t know the results of that experiment until you’ve made the decision and set it into action. They say experience is a tough teacher because she gives the test first and the lesson afterward! This scientific approach not only helps assess the effectiveness of your choices but also encourages a mindset of adaptability and continuous improvement. The results may not align with your expectations, but they will provide valuable insights for refining your strategies and making data-driven adjustments, a crucial element in the ever-evolving business landscape. Embrace the uncertainty as an opportunity to learn and grow.
Know when to backtrack and set a different course.
The most important piece of advice I can share about decision making is that not all decisions are final, so don’t treat them that way. If you make a decision and things aren’t going as planned, don’t be afraid to pivot and set a different course. However, backtracking should never be a reactive snap decision when the road is hard. Building a business is never easy. Difficulty is not a surefire sign that you’ve made the wrong decision; sometimes, it’s a sign you made the right one. Change course when necessary, and if a new course will lead to better opportunities along the way, take it. Choices are either good decisions or learning experiences, and that’s a mindset I always like to keep.
Growing your business, especially in times of economic uncertainty, is difficult. Having sound decision-making skills and practices can make the difference as to whether you sink or swim. In these challenging environments, the ability to adapt swiftly to changing circumstances and market dynamics is critical. Your decisions should be flexible and guided by data, customer feedback and a keen understanding of your industry. Moreover, cultivating a culture of innovation within your organization can foster the creativity needed to navigate through tough times and discover opportunities that might not be apparent at first glance. Remember, it’s about making the right decisions at the right time—rather than just making a decision—that will lead your business to flourish, even in the face of adversity.
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