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

bad business decisionsLet’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being sure you don’t get suckered in to a “limited time offer” situation, being sure that the data you are using is not out of date, not letting your emotions obscure the facts and the pitfall of being overly optimistic and letting best-case scenarios obscure reality.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

Small Business Tools for Success – Small Business Show 196

small business toolsFrom time to time we discuss the tools we use to run our own Small Businesses and why we couldn’t live without them. Join us today for our second installment of Tools for Small Businesses to hear from your hosts Shannon Jean and Dave Hamilton about their favorite business products.

We start out with a detailed discussion of Trello and how Dave’s team uses it for managing content creation on the MacObserver. while Shannon uses the Kanban style of project management that Trello visualizes to manage various projects throughout difference businesses. Then it’s on to Google Hangouts and how bringing your team together on video is a powerful way to keep everyone focused and connected.

The next set of tools comes from the good folks at Iwascoding with their GarageSale and GaragePay products – both essential tools for managing listing and product sales on eBay along with cashflow and reporting via Paypal.

Dave jumps in with his recommendation of Arlo Cameras and the Synergy Surveillance Station and then we’re on to some common sense tools like mini-breaks during your day and giant manilla envelopes to deal with the inevitable inflow of paperwork you need to hang onto for your Small Business.

Evernote rounds out our software list of essential tools along with a couple of other Podcasts you should be listening to and we wrap up the show with a call to always be carrying a pocket knife.

Listen in and share your own tools at the Small Business Support Group!