Growing a business has always been a delicate operation. And with how fast-paced and digitalized the playing field has become, that’s even more true today.
Here’s the hard truth: the margin for error is extremely small. Even seemingly minor mishaps can severely disrupt your progress and set your business goals back a few weeks, months, or even years.
If you have your eyes dead set on achieving success and earning bigger profits, you need to start being practical. And you can only do so by returning to the fundamentals and perfecting one critical component of running a business: DECISION-MAKING.
The Deal About Business Decisions
Making decisions comes naturally to us––in fact, we make decisions every day! From planning our meals to choosing what clothes we wear, we all use this mental process as we go through our lives.
Little everyday things require very little thought. We tend to automate our decision-making process and go with what we’re used to or what “feels right.” Too often, that approach to decision-making can bleed into situations that require a more meticulous approach—aka, your BUSINESS GOALS.
You see, whether it’s the marketing strategy you follow or the resources you choose to spend, all your business decisions have an impact. No matter how small or seemingly harmless, they can heavily influence the long-term outcomes of your business success.
Now, don’t get me wrong. I’m sure all your business decisions are driven only by the best intentions. But you have to understand that well-intentioned decisions aren’t always grounded on well-informed rationales––sometimes, they’re driven by mere intuition.
Intuition vs. Facts
Is relying on your intuition a bad thing? Not necessarily.
As the founder and leader of your enterprise, you have the best understanding of its identity, vision, and goals. And given the fact that growing a business comes with many uncertainties and unexpected challenges, improvising and relying on your intuition can come in handy when push comes to shove.
Unfortunately, intuition alone isn’t a sustainable source of fuel for your business decisions. Why? Because it can easily be influenced by your personal biases.
And when you rely on it far too often, it will likely lead to foolish decisions that push your company off track.
Foolish decisions are not a good thing! You wouldn’t want that, would you?
Remember… the playing field is constantly evolving. If you want to keep up and put yourself and your business in the best position, you need to make decisions using the best possible information. And to do that, you need to rely on the FACTS.
Get as much information as you can surrounding any business challenge. Will doing so guarantee that you’ll be making the right decisions? Not at all.
But business has always been a game of risks, and calculated risks are still better than nothing. The more you ground your decisions on hard facts, the better your chances of achieving the outcome you want—and the more likely you can make a good bet in the future.
What Do Your Business Decision-Making Habits Say About You and Your Company?
Allow me to leave you with this final piece of wisdom…
The outcomes of your business decisions will undoubtedly REFLECT not only your quality as a founder but also that of your company. In fact, the world actually has a long history of companies that saw their reputation tarnished after making ill-informed decisions.
To grow a business is to build a legacy; the last thing you want is to compromise that. So be sure to take every business decision or challenge that comes your way seriously and evaluate all your options as best possible before making a decision!
Here are the six steps of a proven decision-making model that will help you and your team make better decisions. To get more details about this go to https://www.michaelgrabham.com/decisions-decisions-decisions-guide/
STEP 1. Know your desired outcome, resources, and constraints.
STEP 2. Seek options to reach your outcome.
STEP 3. Predict which outcomes are more or less possible.
STEP 4. Find the risks and opportunities.
STEP 5. Make the decision.
STEP 6. Confirm you have a culture fit.