June 11, 2014

The 1 Question To Ask Yourself When Making Business Decisions

how to make business decisionsOnce, when I was struggling over a business decision, a friend and fellow entrepreneur once shared this question with me: How will the decision you make today impact your business 10 minutes from now, 10 months from now, and 10 years from now?

how to make business decisions

We’ve talked before about how entrepreneurs often make choices that will impact their business’ immediate future without taking into account the long-term implications or how that decision is fitting with the company’s long-term growth strategy. If you want your business to grow and be successful in the future then you need to make sure the decisions you’re making today are setting you up for that success.

Sometimes this means you have to say no to some of the opportunities that are right in front of you and that can be hard – especially when those opportunities might help inject some much-needed cash into your business. But I’ve found that the 10 minutes/10 months/10 years question helps me focus on the big picture when making daily decisions.

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One comment on “The 1 Question To Ask Yourself When Making Business Decisions

  • aforst on said:

    Great article, I think your friend is onto something with this 10/10/10 idea.

    It all about ignoring the trend that is on fire, cause as with all fads it here today and gone tomorrow.

    In today’s business structure it might be more wise to look at a 1, 3 and 5 year plan. As 10 years is a long time and as a business you might have to pivot multiple times through out the businesses life cycle. Of course that all depends on what sector your business operates in.

    – Andrew