Starting a new business venture is an exciting prospect. You select a business name, register your company with the Secretary of State, and begin developing your idea into a reality. It is not long before you have to start making critical decisions that lead your company to success. Making decisions can be difficult, especially for new business owners, as there is always the risk of making the wrong one. The following are some things to consider when making both key and day-to-day decisions for your business. You should never hesitate to contact our skilled startup law firm for more detailed advice and counsel based on your specific situation.
Before you can look at the details, you must make some decisions regarding your company’s overall strategy. You should determine the company’s long-term goals – do you want to expand into other markets? Develop a large workforce? Franchise the business? See the company to the highest bidder? Once you nail down goals, you need to develop policies to move your company toward those goals. When designing policies, consider the following:
- What are the available opportunities for your company?
- What are your company’s resources?
- Are there are foreseeable threats to success and how do you address those?
- Do your policies allow for the evolving markets?
While you may consider available information and metrics, know you cannot predict the future and your strategy should acknowledge risks and have some flexibility. There can be a lot of pressure on owners or directors to make the right strategic decisions for a company. It may be wise to consult with an attorney who can provide counsel regarding any legal considerations for your business.
Your operational decisions determine the practical ways you will implement a business strategy. It’s one thing to say you are aiming for a certain amount of profits in a year, but what needs to happen daily to achieve that goal? While operational decisions generally carry less risk, it is essential to make the right decisions for an effective and efficient enterprise.
First, these day-to-day decisions should always reflect your strategic decisions. However, these decisions should yield concrete and measurable results. By examining metrics and statistics, you can tell whether your operational decisions are resulting in the intended productivity and growth. These choices can often be tweaked more regularly than large-scale strategic decisions.
- Set clear goals and objectives
- Rely on relevant information and evidence
- Understand your market and workforce
- Always have a contingency plan
- Learn from any mistakes and be willing to adapt
In addition, you should always ensure that any decisions or changes you make are in full compliance with all necessary California and federal laws.
Contact Our California Startup Attorneys for More Information
Making business decisions can always be stressful. You want to have all of the necessary information and counsel available to help you and your business succeed. At Startup Company Counsel, we work with business owners to help them with large-scale issues, as well as day-to-day concerns. Call 408-441-7555 or contact us online to learn more about our services today.