04 Dec The 3 Keys to Successful Decision-Making
Making decisions can be challenging, especially when it can mean the difference between your company growing or not. Over the years, and through some of my own personal mistakes, I’ve found that the key to making the right decisions and having them positively translate into lasting business results are hinged on these three principles.
1) Stop making decisions out of fear. When you are forced to make a decision because you are running out of money, or when a business emergency happens and you need a quick resolution, you often overlook important details and considerations. Whenever possible, you want to make proactive decisions and continually monitor every aspect of your business so that you are not left making rash decisions. Having operational contingency plans in place is also a great way to proactively plan or at least get yourself in the habit of thinking of your next move.
2) Commit to the decision and see it through. Many times people make a decision and then it gets lost in translation. In other words, a decision is made but then it is never executed or not implemented fully. For example, if you decide that your teams need to submit a weekly client report for you to assess their progress but then you never put consequences in place or hold them accountable for delivering on this, then the decision was virtually useless because nothing changed. Be committed to your decisions and see them through fully – every time.
3) Get buy-in from key stakeholders. In some cases, the decision rests on you, but when possible, get your team involved. Ask for your employees’ input and feedback to include them in the decision making process. Not only does this help you better evaluate your decision, but it also generates buy-in when you include your team in the process. The more ownership your team can feel going into implementing something new, the more likely your decision will be implemented.
BONUS: Have a way to evaluate your decisions. I often use a criteria checklist to make sure my decisions are as objective as possible. This also ensures that I can be consistent in the quality of my decision making because I know exactly what core criteria my decisions have to meet. If you don’t have a similar system to evaluate your decisions, especially in terms of if they support your long-term goals, then this week focus on getting a system together.