As an entrepreneur and business owner, you are faced with making decisions on a daily basis. Some are as small as how many paperclips to buy for the office but get as big as where to purchase an office, make a key hire, or roll out a new product or campaign.
When making decisions in business, here are a few important points to consider that I have found to be very valuable in my journey:
• Seek “wise” counsel. Remember, anybody can give advice, but “wise” counsel comes from those that have an impact on and are important to your business and life.
• Take the appropriate amount of time to make the decision as it is big. What I mean by that is buying paper clips takes two seconds to decide. Buying a building should take longer because there is more at stake.
• Analyze and seek out the potential outcomes both if a decision gets made and goes well and if the same decision is made and does not go well. Be ready and willing to accept both outcomes.
• There can be times when you decide not to decide. Accept that and always make a decision, even if that means not deciding right now. Set a time to come back and make the decision.
• There is a fine line between not making a decision due to over analyzing (paralysis by analysis) and making a hasty, too quick of a decision. Both can be bad for business, so find that happy medium.
• This last point was shared in my EO Forum a few months ago after one of our members heard a speaker present a message a while back, the speaker was a retired Marine. He shared the following about making a decision: “When making a decision, make sure you have all the information at hand from strong sources, and analyze and determine all the potential outcomes of making the decision. Once you have done so, decide and act. Do not look back, do not second guess yourself. Once you make the call and pull the trigger; GO! Know that you made the best decision for the team, the customer, the community or the cause that you could at that time with the information and intel that you had. Just move forward, and act.”
That last point really hit home for me as an entrepreneur. Sometimes we make a call and then second guess it endlessly. This second guessing creates a lack of clarity and certainty that we need to make future decisions. When a leader lacks certainty, the people this leader is responsible for leading will sense the lack of certainty and this can cause a lack of teamwork and moving forward together for whatever your cause or business is.
Thanks again for reading my blog this week. I hope this blog has inspired you, encouraged you and helped you to grow as an entrepreneur and leader.