Posted by Dave Lorenzo - Business Coach

As a business owner or manager you are forced to make decisions each and every single day.  Some of the decisions will have more impact on your business than others, but they are all important.  When you make these decisions you will not always have time to do a thorough analysis of all the factors involved in your decision. 

How can you make certain that you make the best decision possible when time is of the essence?

There is one clarifying question you can ask yourself – right at the outset of the decision-making process.  That question is:

What is the least I need to know in order to make a good decision?

While this sounds like a flippant statement it is a critical concept for a business owner or manager to grasp. 

All too often I see business leaders agonizing over data as they attempt to look at every angle of a perplexing situation.  Here is a quick list of items to think about when you are looking for the least you need to know to make a good decision:

• What is at stake (What will we gain or lose as a result of this decision)?
• Who will this decision effect? How will they react?
• What impact will this decision have on the business in the short term and in the long term?
• When do I need to have my final answer ready?
• Why should I make this decision at all?  Can I chose to make no decision? What impact will that have?
• Does this decision have legal, moral or ethical implications?
• If I make the wrong decision how can I recover (what is my contingency plan)?

While these questions are not the “be all and end all” of decision-making, they will help you get you into the proper mindset for making good decisions quickly.

  

Filed under: Making Decisions
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