If you're thinking of adding to your business, but hesitating not sure if it is the right time, have a look below for decision making tools that might help with this, and with other decisions.
This is a chicken or egg type question for many who want to hire in their business, and don't have a business coach or mentor to run these decisions by before making the final call.
If you are currently thinking about hiring a new person, but not sure if it is the right time, or should you wait to get another client, but need the help to handle your workload to even find that new client, then this little article may help you decide.
If you have all your hiring under control, or you are outsourcing, or you work for a company where they decide, then the below may help you with other decisions.
My mission is to make sure I can reach as many people as possible to explain how trying new things and making simple changes can improve their business, and their client relationships.
TOOL 1: Know your comfort limit
We are all shaped by our past experiences and life lessons in a large degree, including our risk attitudes and our comfort levels.
What I mean here by comfort limit is the exact monetary amount, the balance on your business account, with which you feel comfortable, safe and secure.
How much is it for you?
For some it might be £50,000, for some £5,000 and for some over £100,000 is what they need to cover expenses, operating costs, salaries, materials, etc.
Once you know your comfort amount, it becomes very clear whether you can take risks, whether you can hire, invest in new equipment, and spend money before having to take other factors into account.
If you are currently below your minimum comfort amount, you need to consider hiring and other spending very carefully, as it might still be worth it, but you are aware of the risks and can be more cautious and better prepared.
Beginning with this in mind in your business, or in your personal budgets, should help you make the decision making process much easier from the start.
TOOL 2: Have a sounding board for decisions
As I mentioned in the previous chapter, large decisions are often influenced by your past experiences, your previous jobs or businesses, people you are closest to, and that's all right, as long as you're aware of why you are making the choices you make. There are things you can do to change that, and the tools described here can help you in this process.
One of the key tools is to have a sounding board, someone who you can bounce ideas off of, someone who will let you know what they think, share their expertise and experience, and make it easier for you to see all the angles before you have to make a final decision.
This can of course be me, it can be another coach, a mentor, a family member or a friend, even if you have a business partner already. As long as it is someone with a little more experience than you in certain areas, they will be able to help you see different perspectives and options you may not have seen otherwise.
Mentors and coaches are incredible for this, as just a once per month conversation with a person who does things a different way, will make a difference for you in your own thinking.
I personally have two mentors, whom I met at networking, who have been amazing at gifting me their time each month so I can bounce my ideas off them, and pick their brains to learn from their experience.
I also have a coach, a wonderful one who helps me both in business and in life, to stay on track and make the most out of the time I have while I am here.
Who can you ask to start helping you?
TOOL 3: Consider the cons
In the process of planning a hire, you already know the pros and reasons why you need another person to join your team and your business, same as you would with other decisions.
Now is the time to consider the downsides of hiring, the downsides of the choice you want to make, including what happens if you do nothing.
This tool is to help you see all the aspects of your decision, not just the positives or the risks.
What if you don't hire a new person?
What if you don't make that investment?
What if you wait too long to decide and the opportunity will disappear?
When could you do it again, if not now?
With hiring it is tricky if you already have a really good person interested, as it adds time pressure on your decision. With investment or outsourcing it may not be as urgent, same as it wouldn't always seem urgent to plan a holiday, but in a few months you might be feeling overwhelmed and demotivated because you didn't take action when you had the chance.
Consider these factors in all your decisions, including the very serious impact of what if you do nothing in the next 3 months, 6 months, 12 months... what happens then?
Summary and an example of these
These three tools are what I used for over a decade since I started learning about coaching, and they have served me very well. In big life decisions, in all my business decisions, it has been invaluable for me to ask other people's input and opinions, as well as consider one of the most important questions for me: if not now then when?
I am writing this for you because it has worked wonders for me in my business ,in my coaching, and in my life, and because just this week it helped my client make a decision on his business hiring.
When you make a decision, always try to consider pros, cons, inaction, asking someone more experienced, and discovering your comfort limit.
Once you know that limit, and use these tools together, your decision making process will become quicker, more confident, and much less stressful.
Let me know if you have any questions, as I am here to help!