Bad Decisions in your Business – How to Avoid and Recover – Small Business Show 197

Let’s face it, not every decision you’ll make for your Small Business is going to be a good one. What can you do to avoid bad decisions in the first place and how can you quickly recover from the ones that slip through? Join us today on episode 197 of the Small Business Show where your hosts share their own bad decisions and tips for minimizing yours! Bad decisions can hurt your Small Business, kill your cashflow or destroy your reputation. The first step we discuss on today’s show to minimize the destructiveness of bad decisions is making sure you have enough information to make an informed decision. Shannon uses an example from his super-bad decision to get into the TV business of how not having enough info in hand should have stopped him from make that decision. We then move onto to a discussion about timeliness and being sure you don’t get suckered in to a “limited time offer” situation, being sure that the data you are using is not out of date, not letting your emotions obscure the facts and the pitfall of being overly optimistic and letting best-case scenarios obscure reality. You’ll also hear us talk about Dave’s “Fallacy of Sunk Costs” and not letting invested money and time obscure your ability to make good decisions about projects, not letting so-called experts change your gut instincts about a decision. Join us for all this and more and then share your own story at the Small Business Support Group! 00:00:00 Small Business Show #197 for Wednesday, November 14, 2018 00:01:41 Good decision: Nearly 200 Episodes of SBS! 00:03:01 SPONSOR: Visit TextExpander.com/podcast for 20% off your first year. 00:05:38 Bad Decisions can devastate your business. 00:07:38 Shannon’s “no-manifest” story 00:09:53 The confidence conundrum 00:11:35 The most expensive TV on the planet! 00:13:23 Next time you can walk away. 00:16:42 Watch the things that slow you down 00:18:25 Don’t be afraid of saying no. 00:20:30 Get current info! 00:21:23 SPONSOR: Visit TryHopsy.com/SBS to get the SUB home draft machine, 2 mini-kegs of beer (equivalent to 2 six packs), 2 Hopsy glasses and free membership in the monthly beer Club for $99. 00:26:26 Don’t look for the best case scenario 00:27:48 Avoid complacency 00:28:56 Consider opportunity cost 00:29:32 Acceptable risk 00:33:18 Acknowledge confirmation bias 00:36:57 SBS 197 Outtro The post Bad Decisions in your Business – How to Avoid and Recover – Small Business Show 197 appeared first on Business Brain - The Entrepreneurs' Podcast.