Member-only story
Making decisions is an integral part of being a business owner. Whether it’s deciding on the future direction of your company or choosing between different strategies, the ability to make informed choices is crucial.
Figures play a significant role in decision-making. While some entrepreneurs love diving into the details, others find it taxing and prefer to avoid it. Regardless of your personal inclination, understanding the figures related to a decision is essential. If figures aren’t your strong suit, it’s crucial to have someone on your team who can analyze and interpret the data accurately. This could be your accountant, bookkeeper, or CFO.
To simplify the decision-making process, it’s helpful to follow the five steps of the “decide already” formula: Future, Facts, Figures, Feelings, and Feedback. Each step corresponds to an important aspect of the decision. The more significant the decision, the more time and effort you should invest in each step.
When it comes to figures, many business owners tend to overlook their importance. This can lead to poor decision-making and costly mistakes. It’s essential to dig deep into the numbers and…
