As an entrepreneur, decisions always have to be made. You have supplier issues, new suppliers to investigate, marketing decisions to make, customer service issues that require solutions, and countless other issues that require your daily attention. And sometimes it can be downright overwhelming. Many entrepreneurs fall into the “wait and see” trap when it comes to many of their decisions. They pick the most important decisions of the day, focus on them, and the rest has to wait until tomorrow… or maybe next week… or even next quarter. And while this method can help you focus on the high-level decisions that will help you scale your business faster, there are a few scenarios that should never be left to the “wait and see” method. Here are the top three places I think as an entrepreneur you should tackle them right away.
During a sales decline.
A good entrepreneur knows it’s a good idea to regularly monitor their KPIs. Keeping track of your numbers will not only help you spot problems early, but it will also give you the ability to act quickly and correct your course if necessary. So, when you start to see your sales numbers drop, don’t leave the decision for another date. Address the problem right away and figure out a way to get your numbers back in order as quickly as possible. This could be improving your customer service experience, improving your UX purchase journey, updating your prices, increasing ad spend or adjusting your current marketing campaigns, etc.
When it comes to human resources.
If you have a problem with an employee, you can’t afford to wait and see if it resolves itself. If there is a problem, tackle it right at the source. Ignoring an issue or leaving it for a later date will not only hurt your business in the short term, but can have a lasting effect on your culture, other team members, and bottom line for months, if not years, to come. So have a hearty conversation today to minimize damage along the way.
Speaking of difficult conversions, collections are another area where many business owners like to put off the inevitable for fear of making tough decisions. But letting a customer pay for 30, 60, 90 or more days can seriously hurt your bottom line and your ability to pay your own employees and suppliers. And to make matters worse, if you put off getting a customer to buy something from you in the meantime, you could end up losing even more money in the long run if they choose to delay or cancel the payment all. refuse.
There are many scenarios where wait and see is a great way to free up your time and energy to focus on the things that really matter to your business. But when it comes to sales and marketing, human resources, or debt collection issues, it’s best to address the issue immediately as soon as you realize there is a problem.
The opinions expressed here by Inc.com columnists are their own, not Inc.com’s.
This post 3 scenarios where the “wait and see” method could harm your business was original published at “https://www.inc.com/david-finkel/3-scenarios-where-wait-see-method-could-be-hurting-your-business.html”