Make Better Business Decisions
If you want to make better business decisions then start by making good choices. Understanding the difference between choices and decisions will have a huge impact on your future in business. You might argue that they are the same thing, only different, but look at the following list of words.
Do you see the word decide differently now? Basically it means to kill off all other options until there is only one left. It’s a process of deletion. I prefer to make choices, which is to select the option I prefer the most. The one that is the best fit for me.
When you decide it can eliminate your best option because of any number of reasons. A few examples: I don’t know how to do it yet, it’s seems too challenging, I can’t afford it right now, another other option seems easier, or perhaps somebody else won’t play along.
Barry M. Staw, a researcher and professor at the University of California – Berkley said:
“In terms of decision style, most people fall short of the creative ideal … unless they are held accountable for their decision-making strategies, they tend to find the easy way out …” This is another way of saying that not making choices first and being accountable to them will have negative impacts on entrepreneurs’ ability to make better business decisions.
Deciding often leads to settling for good enough. Making choices is clearly going after the results you really want.
They can be more difficult to make and take more time to achieve, but making choices is well worth the effort in the long run. Making your choice first allows you to make better business decisions as the process evolves. What you should or shouldn’t be doing becomes much easier to assess.
Here’s a good one. If you own a company, can you really decide to be profitable?
With a challenge like that it’s almost impossible to delete your way to success.
Most business-people prefer to be profitable. Running a company is much easier that way. You can choose to earn a ten percent net profit next year. That means some decisions and actions are going to cascade from your choice. A good place to start might be to learn more about your company’s bookkeeping and financial information systems. That way you’ll be able to monitor your progress and make the necessary adjustments. It’s almost impossible to evaluate the steps you’re taking towards your choice if you don’t have good feedback to guide you along the way. Developing solid financial information systems is the number one activity for creating long term profitability.
Once you’ve made your choice look for ways to bring it into reality. Keep taking action towards it, get your feedback and adjust. Quite often there is a learning curve involved. Almost without exception you’ll need to ‘drill into it’ which is another way of saying that you might not get the results straight away. The success you really want is often hidden in a maze of detours that lead to almost good enough and nowhere near.
Sometimes people don’t keep at it and they begin to think they should make a better business decision and walk away before they discover the solution, but if you’ve made your choice you’ll “drill baby drill.” I don’t normally repeat Sarah Palin quotes, I prefer to quote my daughter. She put up a poster in her room that read: “If you want it bad enough you’ll find a way, if not you’ll find excuses.” It’s working out quite well for her.
To me the quote implies that a clear choice has been made and the stage is set for you to make better business decisions. Focus on your choice of destinations, ignore the tangled detours and work the problems to find solutions. Trust me: there will be problems. If there aren’t – then the chances are good that your road will be overcrowded with competitors. Even if you don’t have all the answers yet. know that the solutions are ahead when you’ve made a genuine choice and you’re prepared to work for it.
It also pays dividends to find somebody who’s done it before and connect with them. It could be a business coach, consultant or mentor. Somebody who’s familiar with the journey you’re on and who has been further down the road and worked through the problems before. They can help you to make better business decisions just by showing you both what mistakes to avoid and what you need to focus on.
If you choose to build a strong company our Company Strength Program shows the way.
From the book: ROCK SOLID – How to Strengthen Your Company
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