A Framework For Making Good Decisions in Your Business

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Setting the framework for small business owners

 

What impacts the ability to make choices and move on them in business?

A leader in a small business makes hundreds of decisions every week. On a daily basis you make decisions that impact your team, your finances, and how to spend your time. Many of these decisions are made in an instant; you may not even realize that you consciously made a choice. Other times the need to decide can create paralysis. So how can you increase your chance of making good decisions that will give your business the best chance at growth and you the success you desire.

Just a few of the things that affect our ability to make those multiple decisions every day:

• Personality
• Past Experiences
• Environment
• Stress Level
• The Impact of the decisions
• Values

Wow if we need to wade through all of this for every important decision in our business it is no wonder we get stuck sometimes.

How do we create a framework for making good decisions every day in our businesses?
What is the #1 goal for your business?

Profit, financial security, financial freedom, free time, customer growth, quality product, future expansion; what is the #1 goal in your business? Having a solid vision for your business is like keeping you focused on the northern star. You MUST know your desired destination before you can make the right decisions that influence your direction.

Values
As Roy Disney said “It’s not hard to make decisions when you know what your values are.” What is important to you as the business owner and leader? When you have laid the ground work for what matters most and you use that as your decision framework you have a much better chance of making good choices.

Start with what is the ultimate goal for your business. Once you know the desired outcome and you use it for a testing point for decisions it becomes much easier. Does this decision move me closer to, or farther from, that goal?

When it comes right down to it what is the #1 and #2 goals for you to achieve in your business? If time with family is a top priority, what does the business need to achieve for that to happen? For most businesses profit MUST be in the top 1. If it isn’t do you have a business or a hobby?

Framework
1. Stay Calm
2. Where does this fit on my list of priorities relative to the #1 goal in my business
3. Does this fit my values and the culture of my business.

Can’t Decide?

Putting off making a decision is a decision of its own. The one thing we can be sure of is that things are continually changing,. We can allow those changes to happen to us or we can proactively affect the changes happen by deciding what they will be.
There are a lot of things that impact the decisions we make, and a lot of things that impact our ability to make a decision at all. A decision made can always be adjusted, a decision not made is out of your control.

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