Momentum - Business to Business Online Magazine MOMENTUM May 2018 | Page 10

Biz Tips "The ability to make a decision, act on that decision and keep to it is fundamental for a business person to be successful." This was said by Andrew Carnegie, the great U.S. steel tycoon. In fact, he went further and said that any person who couldn’t make a decision in a timely manner when all the facts were evident was someone not to be trusted, since they wouldn’t have the strength of character to see through the commitments required by any decision. Yet, as business coaches we frequently come across business owners and key managers avoiding making decisions. Is it because the word “decision” derived from Latin literally means to “cut away from” or “literally break completely from one state to another”? Procrastination over decisions is fatal for a business owner as decisions come before actions and the right actions lead to the desired outcomes. Sometimes, though, the right decision isn’t all that obvious and how to get to that decision isn’t all that easy for some people. So, it’s worth exploring methods of overcoming indecision, and below are a number of ways to approach decision making. 1. Basic Pros and Cons: This is the simplest method. Draw a line down the middle of a piece of paper and on the right write down the reasons for doing something and on the left the reasons against. Sometimes just doing this adds clarity, especially if done with another person to brainstorm all the factors. 9 MOMENTUM / May 2018 By Mike Hilderbrand, MBA, CBC, CSSC ActionCOACH of Galveston [email protected] www.actioncoach/mikehilderbrand 2. List outcomes from decision and rank importance: Draw a basic grid and down the left and write down the desired outcomes you’re looking to achieve from making a decision. Then rank them 1-5 on how much of an impact the decision is likely to have. This helps you see how much the decision will assist with your goals. 3. Comparison Matrix: This is my personal favorite. Draw a grid. Across the top, write down the different decisions to make i.e. which product to make or which supplier to choose. On the left, list the different outcomes desired. Then against each write a score 1-5 against each column. Again, this adds clarity to making choices between alternative decisions and it’s especially useful when there are trade-offs to be made. The use of this matrix method is very effective in marketing when looking at different products or markets to go to versus the companies list of core competencies. The key is that decisions must be made on a constant basis and quickly if the entrepreneur is to make progress in achieving goals. These tools work equally well for short term tactical decisions and longer term strategic ones. It goes back to time being a limited resource so wasting time by postponing decisions has a very detrimental effect on the company and the person. In a worst-case scenario, failure to make a decision can mean a competitor gets ahead, a customer goes elsewhere, staff get demoralized or the world moves on. So, make a decision to advance yourself and your business in a systematic and documented way and reap the benefits of a well-run organization.