Running a business is filled with challenges, and the decisions business leaders make today shape their long-term success. To gain deeper insights into how business owners navigate critical choices, we conducted a survey of 53 business leaders across Northeast Ohio, supplemented by in-depth interviews with seven seasoned entrepreneurs and executives.

Their insights reveal how decision-making, strategic planning, and leadership styles influence success in today’s unpredictable market. In this post, we explore the key findings and takeaways from our Executive Summary that can provide valuable lessons for business owners everywhere.

This is part 3 in a 4-part series about Decision-Making Strategies for Business Owners.

Part 1 | Part 2 | Part 3 | Part 4

1. Business Decision-Making: Balancing Data and Gut Instinct

An interesting finding from this survey is that despite the increasing accessibility of technology and data-driven tools, many business owners rely on intuition for critical decision-making.

• 64% of respondents indicated that gut feeling played a key role in their decision-making process.
• Business leaders shared that while they use financial reports, market trends, and operational metrics to inform their choices, intuition gleaned from years of experience still holds significant weight.
• One leader commented:

“We need to create structured systems rather than just ‘figuring it out as we go.’”

This combination of analytics and intuition highlights an important truth: while data is valuable, it doesn’t always tell the whole story. We found that business owners excel at “reading the room” and adapting quickly—a crucial skill in today’s fast-changing market. However, relying solely on intuition can be risky without the balance of objective, data-driven insights.

2. The Power of Long-Term Planning and Strategic Vision

Another key theme that emerged from the survey was the importance of having a long-term vision.

• 64% of surveyed business leaders said cash flow management issues and 45% said economic uncertainty are the biggest challenges in making strategic decisions.
• Finding a balance between staying responsive in the short term while maintaining a steady focus on long-term goals is a significant challenge.
• Many participants stressed the need to revisit their plans regularly to adjust to shifting market conditions.

One leader we interviewed put it this way:

“We are always looking at ways to get continuous improvement. Our team has pushed decision-making down into all levels of the company.”

3. Crisis Management and Business Resilience

Preparing for a crisis is a significant factor in business survival and success. As we’ve seen over the past few years, companies get tested in unprecedented ways–from supply chain disruptions to economic uncertainty. Many of the leaders we surveyed recognize the importance of being well prepared for the unexpected.

• Nearly 23% of companies we surveyed have no crisis plan.
• While many manage debt (74%) and build cash reserves (68%), over half of respondents cut costs and diversify revenue for stability. These gaps leave businesses vulnerable to unexpected challenges.
• Companies that had contingency plans for economic downturns, workforce disruptions, or unexpected market shifts fared better than those that reacted in real-time without a plan.
• One business owner shared:

“Our crisis management plan allowed us to quickly pivot to virtual offerings when we were forced to close during the pandemic.”

The lesson? Building resilience isn’t just about reacting to problems—it’s about planning for them before they arise.

4. The Untapped Value of Employee Input

One of the most surprising findings of the survey was the lack of employee involvement in strategic decision-making.

• 62% face talent retention challenges, yet few respondents regularly seek input from their employees when making major business decisions.
• Businesses that actively engaged employees in problem-solving and innovation reported better morale, increased loyalty, and fresh ideas that led to real improvements.
• One owner noted:

“We’re investing in manpower, even during economic slowdowns, to position ourselves for future growth.”

Many business leaders acknowledged that they could do more to tap into the insights of their employees. Creating open communication channels and involving team members in strategy discussions could unlock hidden opportunities for growth and innovation.

5. Growth, Profitability, and Market Adaptation

The final key theme from the survey was how businesses in Northeast Ohio are adapting to a competitive and uncertain market while maintaining profitability.

• 74% of business leaders said increasing revenue was a key indicator for success, while 38% said cutting savings were important.
• Companies that focus on optimizing positioning strategies, improving operational efficiency, and expanding into new markets reported more sustainable growth than those that relied solely on cost-cutting measures.
• Many leaders (81%) shared that customer experience was a major indicator of success and driver of profitability, reinforcing the idea that strong relationships and service can differentiate a business in a crowded market.

One business owner summed it up perfectly:

“We’re developing a new product that will likely cannibalize our existing line. Moving forward before competitors do is essential to staying ahead in the market.”

Final Thoughts: Lessons for Business Owners Everywhere

The insights from Northeast Ohio business leaders offer powerful lessons for entrepreneurs and executives everywhere. Whether it’s trusting your instincts, crafting a strong strategic vision, preparing for crises, engaging employees, or focusing on sustainable growth, these themes highlight what it takes to build a resilient and profitable business.

If you’re interested in diving deeper into these findings, be sure to check out the full 64-page report here, or grab the two-page summary for a quick overview.

And don’t forget to watch our video series featuring interviews with Northeast Ohio business leaders, sharing their first-hand experiences and insights.

Which tools or strategies have you found most effective in your own decision-making process? Share your thoughts in a comment below and join the conversation!

Unlock More Insights & Practical Strategies

This regional study highlights trends that resonate in the state of Ohio and beyond. If you want to dive deeper into the full report or hear more about the individual survey sections, be sure to check out the full report and video series.

👉 Ohio Business Leaders Survey Results

Watch the Video Series

Explore a 22-part video series breaking down key findings, how the study was conducted, and how these insights can be applied to your business.

🎥 Watch the Full Video Series

Get the Full Report for Free

Want all the details? Download the comprehensive 64-page report or grab the quick 2-page summary for key takeaways. Plus, take advantage of a free Profit Leakage Assessment.

📥 Download the Full Report | 📄 2-Page Summary | 💡 Free Profit Leakage Assessment

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This is just the start. Stay connected for more strategies and tips:

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You’ve just read part 3 of 4. In the next installment, we’ll dive into our Research Methods and a behind-the-scenes look at this study.

Worried that hidden profit leaks might be holding your business back? Let’s talk. We offer a Free Profit Leakage Assessment that reveals where small, targeted shifts can create big gains. Schedule your complimentary session today and see what opportunities may be hiding in plain sight.