All of life is based on making decisions. When you’re in business, your success or failure can depend on the decisions you make. Let’s start with the good decisions.
Making good decisions: If you can make good decisions from the get-go, you’re ahead of the game. Many businesses rely on time-tested methods in their businesses, while others prefer to re-write the book. There is no right or wrong. So, to improve the likelihood of your business making good, or at least better decisions, there are several strategies to include in your decision-making process.
Some strategies for making good decisions include:
-Generating and exploring good alternatives (more than just 2) to the more obvious solution(s) you have reached. This means you have to get creative! Don’t just think of run-of-the-mill alternatives, think of some crazy ones too.
-Involve the right people. This aspect involves major communication. Communication is one of, if not the, most important aspects of good decision-making. Others can help you generate those good alternatives, as well as work through the next steps.
-Consider risks, costs, and benefits of all alternatives. Make a chart of it, use a white board or just list the risks, costs, and benefits of each alternative so you can physically see them.
-Consider what your, and any business partner’s, guts are saying. It may sound a little strange to traditional business people, but if you don’t have a good feeling about something, there very well may be something that doesn’t fit right with your company about the solutions/options you have come up with.
Even if you’re making good decisions typically, have tried to go through a decision-making process, or arrived at what seemed like a good decision, a business is bound to make a few not so great decisions.
Making bad decisions: Some businesses (and people) just know how to make bad decisions! While it’s not the worst thing in the world, typically you figure out by process of elimination what actually does work. Until then, know that until you get help with your decision-making, you are most likely destined to fail!
Working with bad decisions: Even the best decision makers have an off day or two. If you’re having an off day, and even if you’re not, the best thing you can do is be prepared for when a decision doesn’t work out like you want it to! Always have a backup plan or option ‘b’, or know where you can get immediate support if your plans (or you) need some assistance. A big secret is to learn as much as you can from people who have failed! Take time to look at their mistakes and see how you would/could fix them!
Decision-making is very important in life and business, but knowing how to work with your slip ups and challenges is equally important. What have you learned from your decisions (share below)?