Do you expand with a big new client that wants your business to do things you’ve never done before? Your employee roster has grown a lot, but is it time to expand into new offices? A client has breached contract, should you take them to court? These are some tough problems that you, as a business owner, are going to have to work out, but what’s the best way to handle making big business decisions? The answer may surprise you.
When Making Big Business Decisions, Is Faster Better?
As business owners, we are often faced with decisions that might be uncomfortable or difficult to make. For those circumstances, most business people will try to examine the issue and make a decision, but some find themselves led along a different path… Procrastination.
Putting off one of those big decisions can be disastrous. You could lose a client, suffer massive productivity setbacks, or you could miss the statute for filing a lawsuit if you hesitate. This is a serious risk to your business, and sometimes it can even be worse than actually making the wrong choice.
Lisa Strasman—President of NCSA, an athletic recruiting firm—told Entrepreneur that one of the most important lessons she’s learned in business is making the big decisions fast. She told the magazine that not only has putting a decision off hurt her company, it has also caused her stress and anxiety. However, when she makes a quick decision, not only is she less stressed, but dealing with the results of that decision can actually be easier than stalling.
Making prudent business decisions is important, but when does examining a situation to make the best decision turn into putting the decision off. This is another aspect to owning a business that many just don’t know how to answer, but there’s help. Business litigation attorneys can often have answers to puzzles like this. See what kind of answers the New Jersey business litigators at Garland & Mason, L.L.C. have by following our blog. You can also tell us what you do when faced with a tough business decision by commenting on our Facebook and Twitter pages.