July 17, 2017
How Making More Informed Decisions Saves Businesses Money (And 2 Apps To Help)
As a small business owner, you’ll be faced with many decisions. While some of these decisions will be more important than others, it’s important to always think through the potential outcomes of each. In some cases, making the wrong decision could cause you to waste money.
Rushing through the decision-making process isn’t good for anyone. If you’re not taking the proper time to think through your options, you may be inclined to make a rush judgment.
Unfortunately, making decisions without all the right information could cause you to make an incorrect assumption. If you purchase the wrong product or service, this means you may waste money needing to replace it.
For small business owners in any industry, it’s important you’re thinking through every decision-making process — even if it seems small. Not only will this make your business run more efficiently, but you’ll also save money.
Let’s take a look at a few of the areas companies should think more about, as well as some apps that can make that decision-making process a bit easier.
1. The Hiring Process
When you’re looking to build a team of employees, you’re probably eager to get started. However, having the right people on your team is much more important than simply having people on your team.
If you’re hiring the first person who submits an application, you could have a difficult time creating a successful business — and it will cost you in more ways than one.
Hiring a new employee can be costly. You need to post job announcements, go through the hiring process and bring people in for interviews.
You may even need to relocate employees to get them in your office. If you’re going through this process and it ends up being a poor fit, you’ll only need to start again — wasting both time and money.
When hiring, you want to be sure you’re slowing the process down and really looking at your candidates.
While someone may be a great fit on paper, you want to ensure they actually represent the information on their resume. You can use a hiring management tool, like Workable, to help you make the right hiring decisions the first time around.
2. The Pre-Decision Prep Work
If you have a timely decision to make, you may be tempted to go to the first option available to you. While sometimes the first thing you consider is the right choice, other times you’re overlooking what could be a perfect fit.
When you’re faced with a decision you need to make as a business owner, you need to consider your various options.
For example, comparing your options by browsing through various guides and other sources of online information can help you come to the best conclusion for your problems.
You can find detailed information and project specs for nearly any business decision you could imagine online. Only a fool wouldn’t take advantage of that.
3. Investor Influence
To get your business off the ground, you may need investors and funding.
However, those investors will have a say in how you run your business. If you make the wrong decision and take money from the wrong investors, you could end up butting heads — all at the company’s expense.
Doing proper research about your investors is important.
To make the process run a bit more smoothly, you can use investment matching apps, like Gust, to help you find investors who share your passion.
As a business owner, you need to be smart about the decisions you make.
Taking the time to slow down and really consider the information at hand is important for saving money and ensuring you’re making the right choices for you, your business and your team.
Image by Pixabay