25 Tips for Making Better Business Decisions

Your life is a culmination of all the choices you've made up to this point. Pretty crazy to think about, right? As we get better at making choices, we move closer to realizing our dreams.

So, are you ready to get better at this vital skill? Here are 25 top tips to help you make the best business decisions.

Tip #1: It Starts with Self-Belief

How you view yourself really affects the decisions you make, and those decisions shape who you are and the opportunities you get in life. Back in the day, I often pushed away great opportunities, thinking I wasn't smart or good enough to take them on. I realized, however, that to create better opportunities for myself, I had to step out and try new things—even if I wasn't confident in my abilities.

Imagine being asked to speak in front of 10,000 people. How I would've responded years ago and how I'd respond now shows how far I've come. In the past, out of self-doubt, I would have declined without a second thought. Public speaking used to intimidate me during my younger years. But by doing things like starting a podcast, I got a bit better each time. I didn't become amazing right away, but every time I tried, I improved. After a while, I started to like speaking in front of people and felt more relaxed doing it.

These days, I'm not as scared as before. I feel more sure of myself. When there's a chance to do something I'm good at, I take it. And when something is a bit hard or new? I see it as a way to learn more. It starts with believing in yourself. Every new thing you try can help you see yourself in a better way, and that helps in deciding what to do next.

Tip #2: Embrace Risk in Decision Making

Making choices, especially big ones like starting a business, is challenging. It's not just about the action itself, but how others will see and judge us. Putting ourselves out there in front of everyone takes some serious guts. It's not easy, but it's how we grow.

With each decision we make, we learn and become stronger. There will be mistakes, but they're chances for us to learn. Each time we take a risk or make a tough choice, we discover more about ourselves. Facing these challenges head-on helps us grow in our personal lives and in our careers.

Tip #3: Most Decisions Involve Venturing Into the Unknown

Starting a business is stepping into the dark. You have this idea, and instead of a clear path, it's like standing on the edge of a cliff, ready to jump. You can't be sure it will work out.

But that's the essence of entrepreneurship. You can't wait for a perfect plan. Sometimes, you just need to take the leap, put in the hard work, and hope that your efforts will pay off in real ways. Trusting yourself and your vision is the heart of the journey.

Tip #4: Set Priorities and Deal With Difficult Choices

When faced with a big decision or a daunting project, try this brain hack: tackle smaller tasks first. By getting minor yet essential chores out of the way, you free up your brain to concentrate on that bigger, perhaps intimidating or simply long-winded task you've been avoiding.

Imagine a typical workday. You need to draft a comprehensive report, but there's also a cluttered desk, pending emails, and a phone call hanging over your head. Begin by organizing your workspace, checking those emails, and making that call. Once these are cleared, your brain is primed with fewer distractions to tackle the main challenge.

It's a lot like heading to the gym – sometimes just getting started is the hardest step. By dealing with the easy tasks first, you set your mind in the right mode to confidently take on the larger task.

Tip #5: Let Your Choices Direct Your Course

When you make a decision, it's like setting up a domino effect. One decision leads to another, making it easier to stay on track.

Let's say you decide that every day, between 3 pm and 5 pm, is the time you'll work on your business. Once you've made that decision, it becomes a rule you follow. So, if a friend asks you to hang out during that time or if you think about watching a show, you'll remember your decision and say, 'I can't do that right now.' The same thing happens if you feel the urge to check your text messages or take a break to watch YouTube. Your first choice helps you stay on the path you've set.

In a nutshell, making one clear decision can help you make other choices that keep you on track. It's like having a buddy who reminds you of your priorities and encourages you to stick with them.

Tip #6: Your Current Situation Will Influence Your Decisions

Your present circumstances are a major factor in the decisions you make. Your surroundings, the people in your life, the information you have access to, and the opportunities you see all shape your choices. It's important to recognize that your current situation doesn't limit you. It serves as a starting point for your decision-making journey.

In difficult situations, you can expand your options and make better choices. Continue learning and seeking opportunities to expand your decision-making options. By being resourceful, embracing opportunities, and developing habits that support smart decision-making, you can navigate life with confidence and purpose. Remember that today's choices can improve your future.

Tip #7: Your Speed and Skill in Decision-Making Will Improve With Time

Getting better at making decisions happens when you're open to learning from your experiences. Take selling our big house as an example – it was a huge task! But we made a plan, communicated it clearly, and stuck with it. Even when unexpected things came up, we handled them well.

Another example is when we hired content writers. It was tough at first, something new and challenging. But we learned and kept making decisions, getting better at finding good content and giving feedback.

In essence, even small choices can bring significant positive changes to your life. Some people blame external factors for their life situation, not realizing that great opportunities might be right there. Stepping out of your comfort zone can bring your dreams closer. Your dreams might be closer than you think, and you can reach them just by making better decisions every day.

Tip #8: Your 'Yes' to One Thing Means 'No' to Another

When you decide to take on new responsibilities or opportunities, remember that every "yes" to something new often means saying "no" to something else. In business, success can bring more opportunities and demands on your time and resources. It's essential to learn to say "no" when necessary.

Even if you excel at something, you shouldn't take on everything. To prevent being overwhelmed, allow yourself the freedom to remove one task when adding another to maintain a balanced workload and prioritize effectively.

Tip #9: Make Decisions That Move You Closer to Your Goals

When making decisions, it's important to consider whether they bring you closer to your goals or move you further away. Identify your Key Performance Indicators (KPIs) and what you're striving to achieve. Analyze the pros and cons of each decision in relation to your objectives. By aligning your choices with your goals, you can make more intentional decisions that propel you in the right direction.

Tip #10: Share Decision-Making to Empower Your Team and Avoid Decision-Making Fatigue

To avoid becoming overwhelmed by making too many decisions and to foster a sense of accountability within your team, consider involving them in the decision-making process. Making decisions can be mentally exhausting and time-consuming. As a leader, you don't want to carry that weight alone. By allowing your team members to join in decision-making, you not only share the responsibility but also help them to grow alongside you.

When you encourage your team to participate in making decisions, it boosts their confidence in taking ownership of their choices and the results that follow. It's like setting out on a collective journey where everyone contributes their insights and efforts. If you're unsure about letting them make all the decisions, you can start by giving them decision-making authority while still giving them the option to ask for your advice when they need it.

Sharing the responsibility of making decisions not only helps you manage your time better, so you can focus on other important choices that grow the business, but it also makes your team more efficient and empowered in their roles.

Tip #11: Communicate and Follow Through

Effective decision-making goes beyond just picking an option. It's about talking things out and sticking to your choices. When you decide on something, it's crucial to share it with others and make sure everyone is on the same page. Plus, decisions should lead to action. Otherwise, they're pretty much empty words. A decision only truly matters when it leads to something new happening.

Imagine you keep saying you'll do something but never actually do it -- people will lose their trust in you! Also, it's important to be open and honest if things change and you need to adjust your decisions. Decision-making is like a constantly shifting puzzle. It requires you to keep looking at it and making changes as needed.

Tip #12: Maintain High Standards

As the heart and soul behind your business, it's your mission to maintain the quality it stands for and ensure every decision keeps it on its path to success. Imagine your business as a beloved family recipe that you want to perfect - you taste, tweak, and make sure it's just right. And remember, it's not only about your business. It's about the lives your employees and their families build with it.

To thrive, you need to be brave, have strong support systems, and be accountable for every step. Don't hesitate to make the tough calls when they come knocking. Above all, protect your business's reputation and values. In doing so, you won't just achieve growth and success, but you'll also make a positive impact that ripples through the lives of those your business touches.

Tip #13: Let Go of Baggage

Don't let your past experiences and tough times hold you back from making important decisions. Instead, see setbacks as opportunities to grow and learn. Think of it like a business that faces adversity and emerges even stronger. When you face setbacks, use your newfound knowledge and resilience to make better choices.

When challenges come your way, you have a choice. You can either rise to the occasion, learn things you never knew you needed, and watch your business thrive, making more money and giving you greater freedom. Or, you can run from the challenges and stay stuck in business ruts.

The moments when we've faced difficult decisions in our business have turned us into better business owners. They've not only helped us earn more but also given us more freedom. So, don't shy away from the tough choices; embrace them, and you'll discover growth and success waiting on the other side.

Tip #14: What Gets Measured Grows

To make your decisions pay off and keep the money flowing steadily, it's all about keeping a close eye on things. Get to know the important numbers like KPIs (Key Performance Indicators), what you're spending, what you're making, and where you're spending your time.

Take a good look at what's working like a charm and what's not quite hitting the mark. Have some chats about it, and be ready to shake things up where needed. This is where you pour gas on what’s working and let go of the stuff that's not pulling its weight.

Tip #15: Embrace Honest Feedback

Welcome honest feedback, even when it's tough to hear. Many avoid criticism, but facing it takes courage. Assess both positive and negative comments and see if they hold truth. Negative feedback can offer valuable insights.

Over time, you'll learn to separate your personal identity from your business decisions. Remember, you have the power to change and improve every single day, so don't let self-doubt hinder your progress.

Tip #16: Avoid Getting Stuck in Decisions From the Past

Don't remain trapped in a decision you made long ago that no longer serves you. Sometimes, what seemed like a great choice in the past needs to be let go to make room for growth and change. For example, I once believed that being a stay-at-home mom was the only way to go, and I have immense respect for stay-at-home moms—what a challenging and important job! However, as life unfolded, I realized that our family needed a bit more, and I embraced the opportunity to work alongside my husband. It's been a fulfilling journey that has allowed us to provide for our family while cherishing the value of both roles.

Similarly, we often make statements like 'I'll never do this' or 'I'll always do that,' but life can take us down unexpected paths where our perspectives evolve. For instance, Justin once vowed never to be a pushy or sleazy salesman, but he realized the importance of sales and how it benefits both businesses and customers. Embracing change and adapting to new circumstances can lead to unexpected blessings in your life and business.

Tip #17: Learn From Bad Decisions

Embrace the lessons that come from making mistakes. I've encountered financial setbacks in my business, even losing millions, but those experiences have been priceless lessons. Take, for example, when my son lost his phone during our trip, causing a bit of chaos. Instead of frustration, I saw it as an opportunity for him to learn about organization. In the same way, turn financial losses into valuable learning experiences.

We once faced a significant setback, losing $250,000 on a house flip. Instead of dwelling on it, we viewed it as a costly yet invaluable education that ultimately led us to make smarter decisions and earn bigger profits. It's essential to remember that mistakes are a natural part of being a business owner. In the moment, it may feel like you're losing time, money, and resources, but these setbacks often serve as gateways to greater knowledge and experience. They make us better business owners and open the door to significant financial growth if we're willing to embrace the growing pains of business life and adapt to ever-changing markets.

Tip #18: Don’t Be the Reason Your Business Is Growing Slowly

Do not slow down the progress of your business by becoming a bottleneck. Give yourself clear deadlines for making decisions and act quickly. If someone is counting on your decision, talk to them and make a choice quickly to keep things running smoothly. Consider giving others the power to make decisions after training and direction.

Making timely decisions that meet the needs of your team and the project is important if you want to keep your business moving forward. Remember that some choices need to be made quickly, and waiting can cause you to miss out on chances.

Tip #19: Focus and Follow Through on Your Decisions

Avoid overcommitting by taking on multiple business ventures at once. Instead, focus your efforts on one idea, nurture it, and ensure its success before considering new projects. Dedicate your time, energy, and resources to make one endeavor flourish before thinking about others.

Keep in mind that your agility in seizing opportunities swiftly can also lead to success. By understanding your terms and carefully assessing opportunities, you can enhance your decision-making skills. As they always say, focus will make you rich.

Tip #20: Your Emotional Maturity Greatly Affects Your Choices

Emotions have a big impact on decision-making, even if you think they don't. That's why it's important to know how to make decisions without letting emotions take over. Learning about being emotionally mature is really important for this reason.

Dealing with conflicts, tough talks, feedback, stress, and tricky emotions isn't something that happens naturally. It takes education and practice. If you don't invest in developing these skills, they can drain your emotional and physical energy, slowing down your business progress.

So, the better we are at handling our emotions, the smarter our choices will be. Plus, it will give us business owners more juice to push our company forward.

Tip #21: It’s Okay to Change Your Mind

You have the power to change your mind, your decisions, your reasons, and your intentions as you gain wisdom and experience. It's absolutely okay to pivot and make adjustments. I began my career as a teacher and later transitioned into running a business, and I cherish both experiences.

Remember, none of us can predict the future, and no one is a perfect business owner. That's why it's crucial to recognize when a change or adjustment is needed versus when we're merely avoiding a tough decision because it forces us to grow.

Decision-making in business involves a blend of structure and adaptability. Some goals may take time to achieve, and the journey might require several decisions. So, embrace change, stay flexible, and make the most of each experience.

Tip #22: Use a Pros and Cons List

When faced with a challenging decision, don't underestimate the effectiveness of a pros and cons list. Grab a piece of paper, create two columns, and list the advantages and disadvantages. This simple exercise can help clear your mind and lead to a quicker and more informed decision.

Tip #23: Harness the Power of Conversation

Don't underestimate the value of a meaningful conversation. Engaging in discussions, writing down your thoughts, and taking action can effectively unclog mental blockages and guide you toward making improved decisions over time. You may find that sharing your ideas, concerns, and to-do lists in business conversations gets the gears turning in your mind. It can help you see things more clearly and make the decisions necessary to keep things moving forward.

Tip #24: Ask the Right People for Advice

To improve your decision-making skills, consider seeking advice from experienced people. But here's the thing: not everyone's advice is golden. Be wise in choosing who to ask. Sometimes we seek advice because we're unsure, but if you ask the wrong person, it might not help much.

While it's good to hear different viewpoints, don't rely solely on advice. Trust your own judgment and make decisions that suit you and your business. Remember, gathering various perspectives can be helpful, but don't let it replace your ability to make choices. It's a way to learn and make more informed decisions as you grow your business.

Tip #25: Making Decisions Is Easier in a Tidy Space

How your surroundings look can have a big impact on how you think and make decisions in your business. While some folks manage just fine in messy places, you might find that having a clean and organized workspace can really help you focus and make smarter choices. Personally, I make it a habit to tidy up my work area regularly.

Additionally, staying organized in your daily life, like using a calendar and setting alarms, can help keep your mind tidy too. Knowing when you'll work and when you'll spend time with your family can make it easier to concentrate on important business decisions. It's like a clean office can clear your mind, and a well-organized schedule can help you make more focused choices.

So, There You Have It – The Lowdown on Making Decisions Like a Champ!

Life's a journey filled with choices that can be both exhilarating and nerve-wracking. Just like Nelson Mandela said, "May your choices reflect your hopes, not your fears." Embrace the power of your decisions, keep things positive, and pave the way for a future that's uniquely yours.

And let's not forget how cool it is to make decisions every day! Your life is what you make it by the choices you make. So start making the decisions you want today for a tomorrow you are actually excited about! Cheers to making it happen!

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Ready to supercharge your business skills and make your entrepreneurial dreams a reality? Dive into our FREE BUSINESS COURSE now, and let's turbocharge your decision-making game! And if you’re ready for more epic podcast experiences, tune in to Episode 34: What's Holding You Back From Your Dreams? - Coaching Call With Lenny Tim.