Across networking events, my LinkedIn presence, and my day-to-day work with my clients, I often reflect on what I’m seeing in the small-medium business community. At present, the sentiment is very mixed. Whilst some businesses are clearly thriving, others are struggling and many smaller businesses are taking the difficult decision to close. I have recently been wondering if many of us are still expecting things to go back to the way they were. I’ve seen this play out in a hesitancy to make decisions and many businesses adopting a ‘wait and see’ approach. Of course, this is understandable. The past 5 years have seen many large global and national events such as the pandemic, war in Ukraine, and now a change of government, each of which has had a huge impact on the economy and on business. This mixed sentiment is also reflected in recent reports from industry bodies. For example, whilst a recent report from the UK Chamber of Commerce “shows the majority of firms (75%) are still struggling to boost investment”, data from the FSB Index in May 2024 showed a more positive view: “The headline confidence reading jumped up over 20 points to reach +5.5 points in the first three months of 2024, up from -15.0 points in the final quarter of last year – the first confidence reading above zero since 2018”
Having survived two recessions and many, many changes in the way we do business over the past few decades, my take on the current situation is this: we have to accept where we are, rather than waiting for things to change. Human beings have a tendency to use rose tinted glasses when thinking back to the ‘way things were’. The truth is: it was probably never as good as you thought it was! The converse is also true: armed with the right facts, things are probably not as bad as they seem, right now. The main issue when we hesitate to make decisions and put things off until ‘things get better’ is that we run out of time to make the right decision. If you want to grow your business, regardless of the state of the economy – and the world – you need to accept the current state of affairs and remember that you never truly know what the outcome of any decision will be. In this blog I’m sharing a few tips on decision-making in business to help you get out of the ‘wait and see’ rut and get moving again.
- Plan the end first, then you can go looking for it. What is the ideal outcome of this decision? What is your ultimate goal? Why does that matter? What is the risk of not achieving this goal?
- Build a flexible plan that allows for different routes to reach your goal. A flexible plan is the best way to deal with uncertainty because you can be adaptable to change. Although a rigid plan might seem more appealing, if there’s no room for flexibility it might get you into trouble.
- Do your research and gather the facts, but remember that 70 – 80% of the data is probably enough to make a decision. Of course, making decisions without all the facts is uncomfortable, but ultimately you won’t be able to avoid all the risks, no matter how much information you have. Understanding those risks and how they may play out, takes you a long way.
- Ask for help! If you can’t reach 70 – 80% of the information, ask for help to fill in the gaps of what you don’t know you don’t know. Imagine a puzzle – you need just enough pieces to get the idea of the overall picture, even if the small details are missing. Speaking to an expert will help you identify when you’ve reached that stage.
- Remember making a decision is better than not making it! The enemy of decision-making is time, so put the control into your hands and make a choice sooner rather than later.
Are you currently trying to make the right decision about your commercial lease or premises move?
All my clients start with a certain amount of knowledge, but what they usually know “a bit about” is residential property, which is a very different ballgame from the world of commercial property. That’s why my courses, my bespoke tutorials, and my document reviews, always work to build on what my clients already know. The reality of relying solely on what you know “a bit about” is that it puts you at a substantial disadvantage because you can’t necessarily spot the gaps in your knowledge and also, won’t be able to conceal them.
This can be extra problematic when the people you’re dealing with (the landlord or their agent and solicitor) know significantly more than you do. They will quickly spot those gaps and they are unlikely to tell you. That’s why my suite of online courses and 121 services aim to get my clients to a level that is at least equal to the agent and/or landlord. No gaps.
If you or someone you know, would like to be on a level playing field when they come to the next engagement with their landlord, book an informal chat and let’s talk about how you can ensure you’re making the best decisions for you and your business.
Book a call here: https://calendly.com/talk-to-jim/30min
