You are already in business or you wish to move in there. Whatever your circumstance is you know business is all about taking risk and making decisions.
In business you are constantly on the move or busy in your office handling various issues, questions or problems or be placed in a situation where you are expected to make the right decision at the right time. Successful decision making is nothing to do with your just being lucky. It is the result of your understanding and evaluating facts and associated risk surrounding a decision making situation. Thereafter, you have to take risk and make decision. Here is a list of ten situations along with major areas where you have to take business risk and make decisions:
1. Launching your own business: business idea, industry sector, business name, location, business logo, corporate colour, personal branding etc.
2. Buying an existing business: opportunities, selection, valuation, suitability, negotiation, transition management etc.
3. Timing decisions: business cycle, business confidence, opening new business, launching new product etc.
4. Planning: business concept, mission & vision, goals & targets, strategy & tactics, business model etc.
5. Finance: bank proposal, managing debt, assets & liabilities, profit & cash-flow, capital expenditure, wealth management etc.
6. Networking: business relation, business promotion, closing deals etc.
7. Controlling: monitoring, feedback, evaluation etc.
8. Investing: expansion, diversification, merger & acquisition, strategic partner, joint venture, etc.
9. Re-structuring: turn-around plan, survival strategies, revamping products, re-scheduling debt etc.
10. Divesting: disposing subsidiaries, closing joint venture, settling partners, selling core business etc.
Muthu Ashraff
Business Adviser
Mobile : +94 777 265677
E-mail : cosmicgems@gmail.com
Web : http://www.cosmicgemslanka.com
Blog : http://cosmicgemslanka.com/blog/
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