{"id":7655,"date":"2020-12-03T12:29:27","date_gmt":"2020-12-03T17:29:27","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=7655"},"modified":"2025-05-27T05:58:10","modified_gmt":"2025-05-27T09:58:10","slug":"scariest-business-decisions","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/scariest-business-decisions\/","title":{"rendered":"Scariest business decisions: Experts share their tips and advice for the post-COVID future"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tStrategy, Legal & Operations<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tScariest business decisions: Experts share their tips and advice for the post-COVID future\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tJohanna Brown-Lyons<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n

\u201cThere are millions of small business owners who can share their scariest business decisions from 2020 thanks to COVID-19. No one could have expected or planned for the year we are having now.\u201d \u2013 Brian Moran @brianmoran <\/em><\/p>\n\n\n\n

Running or starting your own business can be scary at any time.  But, as Brian Moran stated, 2020 presented small business owners with unique challenges that no one could have predicted. During our recent #SageInspire Twitter Chat<\/a> we asked our business experts to share their scariest business decisions, tips for overcoming fear, and advice for the post-COVID future. Here is what they said:<\/p>\n\n\n\n

What are the scariest business decisions you\u2019ve had to make?<\/h2>\n\n\n\n

\u201cLeaving the security of a regional CPA firm [where I was a partner] and focusing on consulting and technology related services. The firm [I left] was focused on compliance and [the] leadership did not have a shared vision.  I was not concerned about myself as much as I was about the employees who trusted and bought into our vision and strategy.\u201d \u2013 L. Gary Boomer @lgboomer<\/strong><\/p>\n\n\n\n

\u201cStarting our own business in the first place! I\u2019d never envisioned doing this, but after the great recession hit, I became an accidental entrepreneur.\u201d \u2013 Laure McCabe @lauriemccabe<\/strong><\/p>\n\n\n\n

\u201cLeaving a full-time position (with great pay and benefits to go to work for a small startup.\u201d \u2013 Alyx @ColfaxInsurance<\/strong><\/p>\n\n\n\n

\u201cJumping in and purchasing my own insurance agency.\u201d \u2013 Charlie @ColfaxInsurance<\/strong><\/p>\n\n\n\n

\u201cI know it sounds strange, but increasing my rates scares me.\u201d \u2013 Monica Davis @elitetaxnj<\/strong><\/p>\n\n\n\n

\u201cQuitting a very good corporate job to go full-time in my company. I was going to lose a steady paycheck and good health benefits, but I knew that I could make it work.  It\u2019s been 6 years now and I haven\u2019t looked back.\u201d \u2013 Nicole Davis @wifemomcpa100<\/strong><\/p>\n\n\n\n

What is your strategy and process for smart decision making?<\/h2>\n\n\n\n

\u201cAll small business owners should have a team they can rely on. This could be other SMBs. It should include your accountant. A mentor is especially helpful. Need one? Head to @SCOREMentors.\u201d \u2013 Rieva Lesonsky @Rieva<\/strong><\/p>\n\n\n\n

\u201cFor sure. @SCOREMentors is a good place. I\u2019d add a financial advisor to the team.\u201d \u2013 Carol Stephen @Carol_Stephen<\/strong><\/p>\n\n\n\n

\u201cMy sounding board is my biz partner and significant other too.\u201d \u2013 Nicole Davis @wifemomcpa100<\/strong><\/p>\n\n\n\n

\u201cWe start with \u2018why \u2013 purpose\u2019 and think of strategy as a process, not an episodic every five-year thing. Each year we update our strategic plan based on looking back at the prior year, forward at future trends, and developing insights to inform our strategy for action. Then we set goals and are prepared to adjust as we go forward.\u201d \u2013 Tom Hood @tomhood<\/strong><\/p>\n\n\n\n

\u201cConsider the who, what, and why. Why are you doing this? What outcomes do you want? And, what resources do you need to get it done?\u201d \u2013 Laurie McCabe @lauriemccabe<\/strong><\/p>\n\n\n\n

How do you recognize when a business decision is wrong and what do you do next?<\/h2>\n\n\n\n

\u201cFix it as best you can, learn from your mistakes, and move on! Don\u2019t beat yourself up, we all make mistakes.\u201d \u2013 Laurie McCabe @lauriemccabe<\/strong><\/p>\n\n\n\n

\u201cWe believe in \u2018fail forward\u2019 and learn\u2026Failure is identifying one more thing that does not work. We always capture our learning and insights along the way.\u201d \u2013 Tom Hood @tomhood<\/strong><\/p>\n\n\n\n

\u201cFail fast. Failure is part of the education system. Manage your costs by owning your failures. They are expected in the entrepreneurial world.\u201d \u2013 L. Gary Boomer @lgboomer<\/strong><\/p>\n\n\n\n

\u201cI decide how and when to pull the plug by preparing for it before it happens. I measure concrete things that can help me decide if, and when, the project is failing. I trust my gut.\u201d \u2013 Tripp Braden @TrippBraden<\/strong><\/p>\n\n\n\n

\u201cI know a business decision is wrong when I start to veer off the path I put together based on the opportunity. When milestones and deadlines are missed, it\u2019s time to seriously consider pulling the plug. Don\u2019t waste precious time and resources on a bad idea!\u201d \u2013 Brian Moran @brianmoran<\/strong><\/p>\n\n\n\n

\u201cMissed deadlines and milestones are good leading indicators to a bad or not well thought out decision.\u201d \u2013 Nicole Davis @wifemomcpa100<\/strong><\/p>\n\n\n\n

How can a small business owner leverage technology to make smarter decisions?<\/h2>\n\n\n\n

\u201cTechnology can help leaders keep track of progress on any aspect of business.  Defining the critical success factors and then measuring against them allow for any business to make better decisions faster and be aligned closely with their business goals.\u201d \u2013 Tripp Braden @TrippBraden<\/strong><\/p>\n\n\n\n

\u201cLet\u2019s not forget that technology isn\u2019t just computers and apps. Technology is finding ways to do things (anything) better. It\u2019s the application of knowledge.\u201d \u2013 Nicole Davis @wifemomecpa100<\/strong><\/p>\n\n\n\n

\u201cYou don\u2019t have to know how to build the watch, but you do need to be able to tell time. You have access to peers, expertise, and resources that entrepreneurs in the past didn\u2019t.\u201d \u2013 L. Gary Boomer @lgboomer<\/strong><\/p>\n\n\n\n

\u201cThere are many ways to leverage tech to help in making better decisions. 1) Use AI to automate daily tasks to give you \u2018more time\u2019 to make important decisions. 2) Use analytic tools to measure your KPIs so you know what works and what doesn\u2019t.\u201d \u2013 Brian Moran @brianmoran<\/strong><\/p>\n\n\n\n

\u201cIt\u2019s always a smart plan to have [the] necessary technology available to you, so you can actually do your job. It\u2019s really up to each individual business and its owner to figure out how technology can help advise smart decisions in the future.\u201d \u2013 Charlie @ColfaxInsurance<\/strong><\/p>\n\n\n\n

\u201cRemember \u2013 It\u2019s not about the technology. It\u2019s about the business strategy \u2013 doing digital vs being digital. It needs to be in your DNA.\u201d \u2013 Tom Hood @tomhood<\/strong><\/p>\n\n\n\n

\u201cAutomate as many back-office tasks as possible to save time. Utilize online forms to gain quick customer feedback to assist in future business planning.\u201d – Lara Livingstone @divasdelite<\/strong><\/p>\n\n\n\n

Are there any past business decisions that still \u201chaunt\u201d you today?<\/h2>\n\n\n\n

\u201cNo, get over it! There isn\u2019t anything you can do about it other than gain motivation and wisdom.\u201d \u2013 L. Gary Boomer @lgboomer<\/strong><\/p>\n\n\n\n

\u201cYes, I made a decision on how I was compensated by a client. Took cash, should have taken partial payment in stock.\u201d \u2013 Tripp Braden @TrippBraden<\/strong><\/p>\n\n\n\n

\u201cOh boy, where do I begin? Bad stock purchase, spending good money on bad products, hiring the wrong person, not firing people soon enough. Moving on and being optimistic is critical, though.\u201d \u2013 Carol Stephen @Carol_Stephen<\/strong><\/p>\n\n\n\n

\u201cBusiness owners should never let past mistakes weigh them down. You fall down, pick yourself up, and move on. Learn from it, and don\u2019t make the same mistake twice (or try not to). You will make more in the future. That\u2019s what it means to be an entrepreneur.\u201d \u2013 Brian Moran @brianmoran<\/strong><\/p>\n\n\n\n

\u201cGetting over it is easier said than done. Maybe \u201chaunt\u201d is the wrong word, but it is a periodic reminder to not do it again.\u201d \u2013 Nicole Davis @wifemomcpa100<\/strong><\/p>\n\n\n\n

What decisions should businesses be making now to prepare them for the post-COVID future?<\/h2>\n\n\n\n

\u201cFirst, we have to deal with today\u2019s reality which says COVID-19 isn\u2019t going away anytime soon. We need to plan to deal with that before we can even know what a post-COVID world looks like.\u201d \u2013 Rieva Lesonsky @Rieva<\/strong><\/p>\n\n\n\n

\u201cWe\u2019ll probably have a hybrid situation, depending upon where in the world you are.  Be prepared for many pivots. Flexibility will be key.\u201d \u2013 Carol Stephen @Carol_Stephen<\/strong><\/p>\n\n\n\n

\u201cGet your books in order.  Many business owners were panicking this past spring to get COVID relief because their financials weren\u2019t a priority until they needed to be. Be prepared for the next wave of relief to ensure your business weathers the COVID storm.\u201d \u2013 Nicole Davis @wifemomcpa100<\/strong><\/p>\n\n\n\n

\u201cThey should look for ways to take advantage of new business opportunities in their industry. Several of my clients are making critical business acquisitions to add critical capabilities moving forward.\u201d \u2013 Tripp Braden @TrippBraden<\/strong><\/p>\n\n\n\n

\u201cBusinesses should be accelerating all of their digital transformation projects around cloud, e-commerce, customer experience, and even staff experience. COVID-19 has accelerated all of the trends happening by an average of 5 years \u2013 2020 is the new 2025, don\u2019t get left behind!\u201d \u2013 Tom Hood @tomhood<\/strong><\/p>\n\n\n\n

Additional Resources<\/h2>\n\n\n\n

Thank you to everyone who participated in this Twitter chat. Visit our Twitter moment<\/a> to read the full conversation.<\/p>\n\n\n\n

Below is a list of additional resources to help your business manage uncertainty and plan for the future:<\/p>\n\n\n\n

Article<\/strong>: Seven characteristics of an effective mentor<\/a><\/p>\n\n\n\n

Article<\/strong>: How business intelligence tools can transform your small business<\/a><\/p>\n\n\n\n

Article<\/strong>: 5 reasons you should be using a receipt app<\/a><\/p>\n\n\n\n

Download<\/strong>: \n\n\tSmall business survival toolkit<\/a>\n<\/p>\n\n\n\n

Download<\/strong>: \n\n\tBusiness plan template<\/a>\n<\/p>\n\n\n\n

Download<\/strong>: \n\n\tCash flow forecast template<\/a>\n<\/p>\n\n\n\n

Download<\/strong>: \n\n\tHow to choose an accountant eBook<\/a>\n<\/p>\n\n\n

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