Business owners need a sounding board

The Bay Area (Photo Courtesy: Vernita Naylor – JEGroup)

According to the Quarterly Wells Fargo-Gallup Small Business Index Survey  41% of the small-business owners stated that the likelihood of making capital investments within the next 12 months is based upon better sales,  more certainty about their operating environment and lower federal taxes.  Their investments would range from machinery and equipment to new computers to help them stay up-to-date with the latest in technology.  Business owners must make tough decisions at every turn.

In making wise decisions business owners need a sounding board for those defining moments. A business owner’s decisions are based upon several ingrained factors including:

  • Experiences
  • Personal perspective
  • Self-assessment
  • Interpersonal relationship structure from birth to maturity

Every facet of a business owner’s life affects their decision making.  Installing an advisory board or board of directors, despite the size of your business, is crucial for business success.  Recently, there was a speech made by President Obama geared towards raising taxes to helping the economy ”If you’ve got a business you didn’t build that.”

Now based upon your ingrained factors you can see this speech from several viewpoints.  You can talk to several persons and come away with various conclusions.  You did build your business but with the help and/or resources of others.  Despite your perspective at the end of the day you are still the primary decision maker.

Food for thought:  Remember making a right decision may not be the most popular decision.

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