Being an entrepreneur definitely has its perks. But it also comes with its share of stress. One of the biggest burdens, probably just behind finances, is having the final say in decision making. This may sound awesome, and sometimes it is. You get to choose where to locate your company, which office is yours (that one’s easy, of course you’ll take the corner office with the nice big windows). You also get the final say on who to hire and see the smile on the new recruit’s face when you offer them their dream job. But you also carry the burden of the not-so-awesome decisions like when to make some cutbacks, or when to let an employee go. Those types of decisions can be stressful and emotional but being the head of the company, you need to consider when making hard decisions is making the right decision for the business.
Is making the right business decision affecting your relationships with clients?
A year or so ago we lost a few clients because they felt like they were just being passed around. I get it! When we match a client to one of our professionals our goal is for them to develop a long-lasting relationship. That professional becomes the person that the client can depend on to do their taxes year after year. But what happens when that professional is not performing?
In this case, these particular clients were with an accountant that wasn’t performing at the level that was expected, and to make it worse, he was caught in a lie, so he was let go.
A new accountant came on board with us and took over those accounts. He was great, but some difficulties came into his personal life and for the benefit of his family, he needed to switch professions. Those same clients were then transferred to another professional.
This accountant knew her stuff, but could be difficult to deal with, easily irritated, and sometimes came across rude to her clients and fellow employees. Our leadership team had to make a difficult choice. Do we keep her on and subject our employees and clients to her irrational behavior? Or do we let her go and risk the relationship with these clients who would then be passed off to their 4th accountant in 3 years?
Ultimately the hard, but right, decision was made for the good of the company and we parted ways with her. Sadly, we lost a few of those clients who didn’t feel they were being taken care of, they were switched from accountant to accountant, never getting the chance to develop a relationship. But it was still the right decision in the long run.
Maybe because you’re worried about losing business, you’re not making the right decisions.
Have you ever found yourself in a similar situation? You don’t want to get rid of a toxic employee because you’re afraid they’ll take their clients with them. Or you aren’t sure if you should promote a deserving employee because someone else has been there longer. These are tough decisions to make. But don’t get stuck in Analysis Paralysis.
Analysis Paralysis is when an individual can’t make a decision because they are over thinking the problem. They can’t decide between Door #1 or Door #2, so they end up with Door #3, which is to do nothing at all. Doing nothing at all, which technically is a choice, will not help your business grow.
To state the obvious, making hard decisions is not easy. As a business owner you will be faced with difficult choices. And as a business owner you have to protect the company. Have the courage to make the hard, but right, decision for your business.
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