Important business decisions: How to keep calm, cool, and collected

If you asked life coaches about tackling important business decisions, you would hear the importance of keeping your cool over and over. The calm and collected individual has an obvious advantage over someone who comes to a boil too quickly. Every decision has an element of clarity for one who remains calm, whose judgment is swayed solely by the facts. It is a winning formula. Here are some ways to stay cool when your business needs you the most:

Remember what you control

Theoretically, in every important life decision, you will have access to the necessary information and the time to come to the right conclusion — but unfortunately, you do not do business in a theoretical world. Forces outside of your control will often present themselves and chip away at your patience. The Stoic philosopher Epictetus said it was not what happens to you but how you react to what happens that matters most.

Anything from beyond your control can enter the picture, but remember that you are ultimately in control of your business. That knowledge should keep you from responding aggressively to the delays of government agencies or the unsavory approach of an attorney. Those things are beyond your control and don't deserve your anguish.

Dictate the timetable

When you face important business decisions, the element of time often factors into the overall stress you feel. Since you are running the show and retain at least half the power in any business decision, dictate your own timetable.

This move can take several forms. You can choose to postpone a contract signing until the next day, for example, by asking for additional information from the parties involved, initiating a delay. You may even reject a deal to see what happens to the market and the players once you step back. Many bad decisions are made when time constraints force parties into acting before the time is right. Do not fall into the trap.

Know your weaknesses

You have probably come to know yourself well through the course of launching a business. Among the best assets to have is the knowledge of your own soft spots. Do you get bothered by slow responses when you are trying to draw conclusions? Has indecisiveness on the part of clients become a source of anger?

Whatever causes negativity in you to bubble to the surface, find an antidote so you can continue without letting it flare up among colleagues and partners. Your ability to look past minor annoyances gives you a distinct advantage in the business world.

Take a look at the dark side

It is easy to forget how destructive positive emotions can be when you are making important business decisions. Whatever has put you in an ecstatic mood — be it the initial offer you receive, the opportunity you envision, or a problem you see disappearing — remember it is likely that the deal is too good to be true.

Happiness is just as disabling an emotion as rage when the good of your company is at stake. Take yourself out of the deal to present the devil's advocate side of the equation. If you are not up for it, ask a trusted friend or colleague to walk you through it. Seeing every side of the deal is what separates the pros from the unprepared.

Poll your lieutenants

When the future of your business is at stake, it is a great time to talk to staff members and other members of your inner circle to hear what they think. Even though you are the one in control, you might hear an illuminating viewpoint that makes your decision easier.

At the end of the day, it is this clearheaded approach that makes successful business decisions possible. Experts in neuroscience continue to study why decisions get made. Only one thing is clear: the calm and collected are often winning the race.

6 Ways to Keep Your Business Relevant

Businesses must continuously evolve to keep up with industry changes and stay relevant. Regardless of your business model and status, unpredictable changes in customer preferences and the economy can cause your organization to remain stagnant. Thus, staying in touch with your target market and their needs is vital for continued success. Here are six ways to make sure that your business stays relevant, allowing you to achieve long-term growth and profitability.

1. Adapt to new trends

As market trends emerge and technology advances, there is always something new to implement. Adapt new business tactics by learning from customer habits and purchase decisions. If you notice an increase in refunds over time, for example, identify the root of the problem through asking a series of relevant questions and inspecting detailed statistics. By leveraging an e-mail marketing service, you can create effective e-mail campaigns that will help you gain valuable insight.

2. Engage employees

A great advantage that small businesses have over large organizations is a feeling of community. Establish an engaging company culture by getting employees involved in every business decision. For example, ask everyone to submit new tips and suggestions on a quarterly basis as a means of improving your products, services, and overall reach. Put everyone's answers up for a vote and offer a reward to the most promising lead. This tactic is especially valuable for businesses that are primarily composed of millennials, as many workers from this group can be quite savvy about new, disruptive ideas.

3. Be flexible

You can never go wrong with catering to your customers' preferences. By adding a personal touch to your products, you can give people a greater feeling of ownership and show how much you care about customer satisfaction. This step could be as simple as personalizing a piece of jewelry with a person's name or preparing a meal to his or her liking. These personal touches can effectively leave a positive impression, which often results in repeat business and profitability.

4. Acknowledge your customers

Recognition goes beyond personalizing your products and services. Customers enjoy status and empowerment, which you can provide through a series of rewards or even with an intangible scheme. A digital business may implement a points system awarded to those who make certain purchases or perform other actions; these points can then be exchanged for various discounts. Likewise, a more traditional approach could involve offering special deals to those who have been with you for a set time period. These strategies that depict your competitive nature and attention to detail can help you remain relevant.

5. Learn from the competition

Needless to say, you should always strive to maintain an advantage over your competitors. Even if your offerings are virtually identical, you should pay close attention to the small details and make any changes that you deem necessary. These changes may include reorganizing your store's merchandise improving your customer service or adapting a new promotional strategy. There is nothing wrong with healthy competition, which ultimately promotes growth and forward thinking among you and other businesses in your industry.

6. Simplify your approach

Make it easy for others to connect with you and get what they need by eliminating hassles in favor of quick and accessible alternatives. For example, consider offering instant savings over mail-in rebates or revamping your customer service line to make it easier to reach a live representative. You could also reorganize your website, establish a live chat system for faster customer support, or implement other improvements.

Staying relevant is all about analyzing new trends and adjusting to market changes. By taking the above actions, you can increase your chances of remaining profitable in the long run.