In most cases, entrepreneurs are highly intelligent individuals who know what the market wants and how to provide it to them. But that doesn’t mean they always make the best choices or never need assistance in these matters.

With that in mind, let us explore three of the most important business decisions you should be smart about.

Intelligence in Partnerships

When talking about his company, Microsoft founder, billionaire, and philanthropist Bill Gates once said, “Our success has been based on partnerships from the very beginning.” Without the right allies, no business will ever achieve any corporate prosperity. And if it does, chances are it will not stay at the top for very long.

As such, if you want your small or medium-sized firm to flourish, you need to find the right people and organizations to work with. Not only that, but they have to be specific to your industry or area of expertise.

For instance, as a franchiser, looking into a provider of online marketing services for franchises would serve your best interests. The right vendor will guide you on the best inbound marketing strategy and assist you in creating quality content. As a result, your company will have a stronger online presence and better sales.

The same is true if your enterprise engages in any other field like traditional retail, online services, business-to-business operations, or anything else.

Intelligence in Recruitment

It is not an exaggeration to say that a bad worker is like cancer to a business. Naturally, this doesn’t apply to giant multinational corporations with thousands of people on their payroll unless they are the CEO or hold an upper management role. But if your company is small or at the beginning stages of its development, this individual can be the difference between the firm taking flight or being left behind in the dust.

Hence, hiring quality staff is arguably your most important responsibility as an entrepreneur. And while it is true that people change and potential is rarely quantifiable, you must do your due diligence on the people you are about to welcome into your organization.

Aside from well-known criteria like educational background and work experience, you should look into their core values and perspectives on different matters. Only then will you know if they are the right fit for your firm or if it’s better to stay as far away from them as you can.

Another point to consider is whether you can captain the ship. Keep in mind that someone with a marvelous idea is not always the same as a great leader.

Intelligence in Spending

Spending money is the easiest thing to do in the world. You don’t need an education or a good job for it. If you don’t believe this to be true, all you need to do is look at the many examples throughout history of men and women who have squandered millions in an incredibly short amount of time. But spending well, that is a completely different story.

When it comes to deciding where to place their financial resources, many business owners make two common mistakes. Some are overly optimistic and trust that sales will cover the office with the breathtaking view or the company driver. Others find themselves on the opposite end of the spectrum. They are so thrifty in their approach that they prevent the organization from growing.

The key is finding a middle ground by having a set of guidelines to help you decide. For example, one of them could be based on the degree of certainty. If you are not very sure how something will benefit your firm, in all likelihood, it won’t. Others include the percentage of your budget this expenditure will entail or the long-term benefits of doing it.

We have taken a closer look at three different business areas where intelligence is paramount to corporate prosperity. The first one is choosing the best individuals and organizations to work with. The second is to study the people you intend to hire.

If you find yourself lost or don’t know where to begin, in the 21st century, there is software available to help you in this process. The final one is to understand that spending money is a great thing to do if it is done wisely.

Legend says Albert Einstein had an IQ of close to 200. Even if yours is nowhere near that number, with time and practice, there is no reason why you shouldn’t always make the best decisions for your firm.