We define an existing business as a business in full time operations for at least a year with a full-time owner or hired operating manager. The owner is accountable for making decisions and shaping operating goals and key processes. Now owners are faced with complex decisions across the whole lifecycle. Serving these owners is a journey through major transactions’ businesses go through over the whole lifecycle which includes:
- Long-term planning
- New product development and launch
- Site expansions
- Adding new business lines
- Funding raises
- Exits and Purchases
These are not pivots, these are major growth initiatives or structural changes of businesses requiring thorough preparation and thoughtful actions.
Many businesses are evaluating these major initiatives considering the persistent levels of risk on several levels. Also, new opportunities are emerging as the economy and social environment shifts. This is the time to set up a process for identifying and working through major decisions. Consider these suggestions to build you strategic decision-making process.
- Write down clear and brief descriptions of the decisions and the timeline for major decisions. This make it easier to work toward a decision and sound result.
- Obtain reliable information from your trusted team with a balance of quantitative and qualitative perspectives. This team should include your CPA, financial advisor, attorney, and trusted business advisor. Bring your family members and trusted colleagues into making big decisions.
- Avoid holding too much information in your head because you may forget or feel overwhelmed.
- Write down the answers to key questions and insights you are gaining as you work toward a decision.
- When you do make the decision, commit to working towards the desired end results.