Small Business Week: How to Make the Tough Decisions
Sleepless nights, hiring, firing; running a business is tough. 50% of small business fail within the first year, according to the Small Business Association. As a business leader, what smart decisions can you make today to secure your business’ future tomorrow?
Gene Marks, President of the Marks Group and small business expert, shared key insights with FOX Business when it comes to running a business successfully and making difficult decisions.
It’s not all about you.
Even though your name may be on the front door, your business isn’t just about you. “It’s really not all about you, people rely on you,” says Marks. From your employees, your customers, partners, suppliers, there is a list of people who depend on you. “They want you to make these hard decisions because in the end it impacts their business as well.”
People matter.
“Your people are your biggest asset,” says Marks. It’s up to you, the boss, to maximize those assets. Yes, that means hiring talent to push your business to the next level. And yes, letting people go who are not pulling their weight. “Sometimes doing the right thing, is not always the best thing. You have to make the decisions [about] what’s going to be right for you, your family and the people who rely on your business,” says Marks.
What makes a good boss?
There is no one answer. Being a good boss means you are running a profitable and growing company. “If you a micro manager and able to do that, if you are a harsh dictator and able to do that, if you are the friendliest person in the world and everyone loves you, as long as you are achieving a goal of running a successful company… that in the end, that is what makes a good boss,” says Marks.
Quitting is easy.
Every business owner will have to make a decision that will keep them up at night. “Sometimes those answers are more grey than black and white,” says Marks. “Always keep in mind no matter how bad things may be, they are really never as bad as you think they are.” But on the flip side, no matter how good you think your business is doing, it’s not always that good, according to Marks. Finding a mentor or someone who you trust to bounce ideas off of is key to making the smartest decisions possible.
For more insight from Gene Marks watch the video above!