Making good decisions is often the distinguishing factor between marginally successful businesses and exceptionally successful entrepreneurs.


Decision-making on an internal level, also referred to as corporate governance, is a mechanism not to be under-estimated, regardless of your size or the amount of revenue. It is not just about big business. Shiny boardrooms and lots of money developing ways to make good decisions when you are relatively small pave the way to creating a sound system for when you expand.


Beyond the natural ethics, moral compass and the legality of decisions – the people are a core component of making good decisions and continuing to do so.


That is where the stakeholders come in. From a project management point of view – we teach stakeholder analysis. Stakeholders could be, for example, a client, a business partner, a supplier, employee.


This means that there should be an awareness not only of the existence. But also the decision-making or control this person has and their interest in the matter. In addition to the preferences in how and when they want to be informed.


So often, as entrepreneurs, we fail to consider who our stakeholders’ stakeholders are. That means ensuring you have a clear understanding of the knock-on effect or the expectations of what you are doing would have. That would inform you better and allow you to make big picture decisions.


So, next time you are negotiating a contract. You have understood what is needed; ensure that you know your role in the ecosystem to price correctly, report efficiently and add value. Delivery quality and cement your future success. PocketAdvisor helps you navigate the minefield of legal strategies that help you succeed in business. Click here to enrol today!

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Nicolene Schoeman-Louw