“There are millions of small business owners who can share their scariest business decisions from 2020 thanks to COVID-19. No one could have expected or planned for the year we are having now.” – Brian Moran @brianmoran
Running or starting your own business can be scary at any time. But, as Brian Moran stated, 2020 presented small business owners with unique challenges that no one could have predicted. During our recent #SageInspire Twitter Chat we asked our business experts to share their scariest business decisions, tips for overcoming fear, and advice for the post-COVID future. Here is what they said:
What are the scariest business decisions you’ve had to make?
“Leaving the security of a regional CPA firm [where I was a partner] and focusing on consulting and technology related services. The firm [I left] was focused on compliance and [the] leadership did not have a shared vision. I was not concerned about myself as much as I was about the employees who trusted and bought into our vision and strategy.” – L. Gary Boomer @lgboomer
“Starting our own business in the first place! I’d never envisioned doing this, but after the great recession hit, I became an accidental entrepreneur.” – Laure McCabe @lauriemccabe
“Leaving a full-time position (with great pay and benefits to go to work for a small startup.” – Alyx @ColfaxInsurance
“Jumping in and purchasing my own insurance agency.” – Charlie @ColfaxInsurance
“I know it sounds strange, but increasing my rates scares me.” – Monica Davis @elitetaxnj
“Quitting a very good corporate job to go full-time in my company. I was going to lose a steady paycheck and good health benefits, but I knew that I could make it work. It’s been 6 years now and I haven’t looked back.” – Nicole Davis @wifemomcpa100
What is your strategy and process for smart decision making?
“All small business owners should have a team they can rely on. This could be other SMBs. It should include your accountant. A mentor is especially helpful. Need one? Head to @SCOREMentors.” – Rieva Lesonsky @Rieva
“For sure. @SCOREMentors is a good place. I’d add a financial advisor to the team.” – Carol Stephen @Carol_Stephen
“My sounding board is my biz partner and significant other too.” – Nicole Davis @wifemomcpa100
“We start with ‘why – purpose’ and think of strategy as a process, not an episodic every five-year thing. Each year we update our strategic plan based on looking back at the prior year, forward at future trends, and developing insights to inform our strategy for action. Then we set goals and are prepared to adjust as we go forward.” – Tom Hood @tomhood
“Consider the who, what, and why. Why are you doing this? What outcomes do you want? And, what resources do you need to get it done?” – Laurie McCabe @lauriemccabe
How do you recognize when a business decision is wrong and what do you do next?
“Fix it as best you can, learn from your mistakes, and move on! Don’t beat yourself up, we all make mistakes.” – Laurie McCabe @lauriemccabe
“We believe in ‘fail forward’ and learn…Failure is identifying one more thing that does not work. We always capture our learning and insights along the way.” – Tom Hood @tomhood
“Fail fast. Failure isContinue reading