If you are an entrepreneur business owner, I wouldn’t mind betting that at some point you will be starved of sleep or have sleepless nights.
This phenomenon is caused by any number of entrepreneurial challenges, including:
- Worries about how to pay VAT
- Struggling to find cash to pay your PAYE bill
- Wondering how to improve your cash-flow
- Your accountant is talking gobbledygook about your balance sheet and it needs to get fixed, but you don’t know how
- A new competitor seems to be taking your customers or clients
The above is just a few of the things which might cause you concern and sleepless nights.
Most people solve these problems by thinking tactically and executing a solution which is only a temporary fix. This often means the same set of problems keep showing up, so it’s not a long-term fix.
So, what is the solution?
Give yourself some breathing space and do a quick fix and then consider a longer-term solution.
First, I know this is going to be hard to consider, especially when you are up against it but I believe we have to start from somewhere and the sooner we start the better.
If you look around at other businesses, you will start to see some incredibly successful companies. They may be in your niche or outside it. But what do these companies have in common?
Top performing companies can deliver the greatest quality and consistency of breakthroughs. And they do this by focusing on only four different things in high impact areas. What are these high impact areas?
Strategy – Innovation – Management – Marketing
No matter what type of industry you are in, it’s the ability to out think a competitor in these high impact areas who win.
Brain Power and Thinking
It saddens me to see people make decisions which are not thought through fully enough. Perhaps it’s the suggestion that leaders must make quick decisions, or they will be thought of as vacillating. We seem to have completely bought into the idea to fail fast as that is always the best way forward.
The thing is I don’t think failing fast is always the best solution especially where failure means the loss of profits, a poor strategy, innovation which doesn’t work or even the loss of your business!
I believe people underestimate the value of thinking before acting, especially when you are about to invest money and labour into an initiative.
The key point I want to make here is that if you give an appropriate amount of time to think before reaching a conclusion, you will save you and your business so much angst. Angst equals lost profit, higher costs, lower productivity, and any number of negative things including a loss of sleep!
I wrote about some of these points in this post about business decisions. https://yourbusinessjourney.co.uk/thinking/business-decisions-for-success-or-failure/
More time thinking about the ramifications of your decisions equals a better return on almost any investment.
Thinking time is a reasonably low-cost way to test assumptions and ask questions, you can do it anywhere and at any time.
How exactly would you apply thinking in your business?In a way, I’m extremely fortunate, I’ve had multiple roles in different niches and have been exposed to lots of scenarios. I don’t want to bore you with stuff about me but to help understand the context of what I’s saying but this link will give you some clues. https://yourbusinessjourney.co.uk/about-us/
Your Spiders Brain
What is “your spiders’ brain?” I’ll apologise now because I may have failed in explaining this important point.
A spider’s brain is my way to explain to you that you each decision you make has a bearing on multiple parts of your business and your team. In fact, it goes further than that, as it could affect your stakeholder relationships for example, your suppliers and in turn their suppliers.
Your spiders’ brain is a way to use deductive and inductive reasoning to see the implications, correlations, opportunities, threats, trends, and dangers.
A quick example – When I worked for a car-rental company and had thought up a new way to create a profit stream with almost zero costs and massive profit upside.
You may be the sort of person who finds this easy or you may struggle with using your ability to think things through. All I will say is this, using your mental powers to improve decision-making will move you and your business forward.
Move it forward with clarity and a clear calm mind which almost guarantees a lovely night of peaceful sleep.
Peacefully yours and Cheers