The 5 Business Rules That Simplify My Decisions

Running a business is filled with decisions. Some are easy, while others can leave you questioning yourself for days. It has now been over 10 years since I left employment to start my own business. There were a lot of trials and errors along the way. I’ve spent money and time starting something only to have it fail a few months or weeks later. It just didn’t work out because I didn’t know what I wanted.

Over the years, I’ve found that having a set of business rules not only makes decision-making smoother but also ensures I’m staying true to my values and goals. These rules act as my guideposts, helping me evaluate opportunities and potential clients. If something doesn’t align, I’m likely to say no rather than face unnecessary struggles later.

Besides, when it comes to business, if you don’t have the base to help you in decision-making, you’re practically stuck. It could cost you more to be indecisive than to make mistakes in your decision.

Here are the 5 business rules I live by:

1. Be Useful and Practical

If my business doesn’t help people solve their problems or achieve what they desire, it’s a no-go. I want my work to make a difference, to genuinely be of value. Whether it’s providing solutions or creating opportunities, this principle keeps me focused on what matters most to my clients and customers. If the product or service you’re selling is no longer useful, be ready to pivot.

During the COVID-19 pandemic, I quickly shut down my stamp-making business as shipping charges cost more than the items themselves. I focused solely on creating visuals and templates in digital formats that people can easily download and use for their home projects. Parents were also purchasing my digital clipart for their kids’ school projects at home or just to keep the kids at home entertained.

2. Keeping it Simple and Manageable

As someone prone to overthinking and worrying, simplicity is essential. I’ve run my business for over a decade with just my partner — no employees. Managing a team can be challenging, and I’ve found that collaborating with freelancers or associates offers the flexibility I need without the added complexity of full-time payroll. Simplicity also extends to my customers. I strive to make their experiences as straightforward as possible, reducing unnecessary hurdles for them and for me.

3. Be Flexible

While I have policies to guide my decisions, being a solopreneur allows me the freedom to adapt. If sticking rigidly to a policy would leave a customer unhappy and resolving their concern doesn’t hurt my operations, I’ll prioritize their satisfaction. I guess that’s one perk customers get when working with small businesses. We’re way more lenient than large corporations. Moreover, flexibility isn’t just about accommodating others; it’s also about keeping my business adaptable to change.

4. Value My Time

Not all opportunities are created equal. If something takes too much time with little return financially, emotionally, or otherwise, it’s an obvious no. Time is a finite resource compared to money, and I want to spend it wisely. This is also why I would turn down a high-paying salary if it requires me to spend unproductive hours being stuck in the office.

5. Have Fun

Why start a business that’s not fun, right? I want to be able to get up in the morning looking forward to work, not dreading it. If a project feels draining or uninspiring, I’ll likely turn it down. When I was younger, I might have said yes if the money was good. But at this stage in my life, I’m fortunate to prioritize happiness over financial incentives. Saying no to the wrong opportunities has been one of the most liberating lessons I’ve learned.

Some might say that passion is overrated and that not many people have the luxury of doing what they love. Yes, it’s true. But I would strongly advise that if you don’t enjoy what you do, you need to make this temporary. Otherwise, your mental health will suffer. You need to find a way and work toward doing what you’re passionate about eventually.

These rules have helped me navigate the ups and downs of running a business. They keep me focused, reduce stress, and ensure I’m working on things that truly matter to me. I can even turn them into questions I can ask myself each time I need to make a decision.

1. Is it useful for my customers?
2. Is it simple to understand and execute?
3. Is it flexible for me to change certain things along the way?
4. Am I spending too much time with too little results?
5. Will I enjoy doing it in the next year? 2 years? 5 years?

By turning the rules into questions, I can narrow my focus to what matters. The answers to these questions will eventually lead me to my decision. I could potentially minimize the risk of making the wrong one.