Business owners and entrepreneurs make decisions daily, many of which are crucial to driving business growth. The weight of this responsibility can be challenging, but some timeless truths – adopted successfully by many others – may make these decisions easier, writes Jason Toshack, General Manager ANZ, Oracle NetSuite.

Here are four of the most important business considerations

Don’t hold back – follow-through

This will differ for every business, and while the underlying principle remains the same, the scope of action required will vary depending on size. If you have been putting off setting up an eCommerce store to capture increased online traffic, adapting your core business to react to external pressures or diving deep into your data and analytics or anything in-between, the time might be right to act.

Challenge the ‘old ways’

We have seen countless examples of leaders and teams that seemingly defy the odds during tough times. These teams challenged the ‘old ways’ of doing things and forged ahead to find creative and alternative solutions.

However, there is always room for complacency. For example, one survey found that the majority (65 per cent) of employees are worried the urgency induced by the pandemic will diminish. That’s not to say that the stress-induced urgency of the past year should always be maintained, but there is a lesson to be learned.

Business leaders do well to take stock of what business processes are beneficial, and which are not. Empower teams with the tools they need to succeed by removing obstacles that slow down decision-making. For example, some legacy technology solutions may require time-consuming workarounds to perform even basic tasks. Adopt solutions that provide the business with speed and agility to help it evolve as needed.

Invest in yourself

It’s easy to get caught up in the day-to-day running of a business and find that you neglect to invest in your own development. But investing in yourself can provide a much-needed change of pace – even if it’s only for 15 minutes – and help you gain a new perspective that can give you a different take on an existing issue. This could take many forms such as:

• Learning – we never stop learning, and yet sometimes we don’t spend enough time looking for new learning experiences. When was the last time you read up on a topic outside your usual routine? Have you been meaning to take a short course but never got around to it? The subject of the learning is less important than the act of setting your mind to trying something new.
• Work/life balance – what does work/life balance mean to you? With many businesses embracing new forms of ‘flexible’ and ‘hybrid’ working, it’s the perfect time to assess (or reassess) how you like to structure your days to achieve your idea of ‘balance’.
• Get a mentor – mentors and/or professional coaches can be an invaluable support, especially when you need some outside perspective. They can help you see the bigger picture or encourage you to explore options you may never have considered.

Harness today’s technology

 Technology is more than a ‘nice to have’ – it’s a strategic differentiator. A recent report highlighted a clear link between technology endowment and economic outperformance. To set them up for long-term success, entrepreneurs should consider the ongoing value of their technology investment and look for a solution that can scale as business needs evolve.

There are several timeless truths entrepreneurs and leaders can implement. Successful entrepreneurs recognise the importance of executing big ideas, challenging old ways of doing things, upskilling frequently and investing in current technology.

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