I’m Still Struggling with a Big Decision
I spend a lot of time looking at the issues other entrepreneurs confront. It often seems clear to me what these entrepreneurs should do. But when it comes to my own business, it’s not always so clear.
By Ami Kassar
I have been writing a series of columns about entrepreneurs “embracing the uncomfortable” and making tough decisions. In the most recent column in this series, I told the story of Len the plumber, who is struggling to make changes to his accounting and finance staff. More stories like Len’s will come over the next few weeks, but I wanted to pause for some self-reflection.
As I thought about writing the next column in this series, I couldn’t help thinking about the tough decisions I am facing in my own company. My most challenging decisions are around what I call the “diversification paradox.” Do we focus efforts and energy on doubling down and doing more of what we are good at? Or do we work to add some new product and service lines to our offering?
As I sat down to write a column on my dilemma, it struck me that I had written on this issue previously. And sure enough, on April 5th of this year, I wrote a column entitled, “Is Now the Time to Focus or Expand?” Along with being reminded of my poor memory, what struck me the most about this realization was that the problem weighing on me back then is precisely the same problem weighing on me now. In the three months that have passed, I have not moved the needle.
As the CEO of a consulting business, I spend a lot of time looking at the issues other entrepreneurs are confronting. And because I am on the outside, it often seems clear to me what these entrepreneurs should do. But when it comes to my own business, it’s not always so clear. I often need help to see through the trees and make a decision.
We all have different ways of making tough decisions. Yes, we can be in peer groups, hire business coaches, read articles, and attend seminars. These can all be extremely helpful, often providing meaningful and diverse perspectives. But in the end, we all have to make our own decisions, and a surprising amount of time can pass before we’re ready to make those decisions.
In some situations, we know what we want to do, but something keeps us from pulling the trigger. When this happens, I encourage entrepreneurs to dig into their fears and try to resolve them. This is the case we discussed two weeks ago with Len, the plumber. Len knows the changes he needs to make, but he fears taking a step that could damage his culture and his relationships with key employees who have worked with him for a long time.
In my case, I need help deciding whether to diversify my business model or stick to my guns and stay focused. Should I follow a “niches to riches” strategy? Or is that placing too many eggs in one basket? You can find a cliche to support any proposed course of action! The first step I need to take is to figure out how I will make my decision. And then I need to figure out how to overcome the fears that might be in my way. And if I can’t overcome those fears, I think the best answer is to be patient until clarity arrives.
Ami Kassar is CEO of MultiFunding.
