It has been a tough week running Accsys, with some difficult decisions that had to be made. My philosophy is always to be transparent with my team, bringing them into the decision-making process but ultimately, it’s with me that the buck stops.
I was asked by a member of my team how I made these decisions. I didn’t really have an answer for him at the time, other than you just do, but it got me thinking about it. I wondered if there was any advice out there to help business owners make tough decisions.
So here is a list of considerations when a tough decision is on the cards…
Gather information: Start by collecting all the relevant information related to the decision you need to make. This may involve conducting research, analysing data, consulting experts, and seeking feedback from stakeholders. The more information you have, the better informed your decision will be.
Identify the problem: Clearly define the problem or the challenge you’re facing. Break it down into specific components and determine the root causes. This will help you focus on finding the most effective solutions.
Evaluate options: Brainstorm potential solutions or alternatives. Consider the advantages and disadvantages of each option and assess how they align with your business goals, values, and long-term vision. Prioritise the options based on their potential impact and feasibility.
Analyse potential outcomes: Assess the potential outcomes and consequences of each option. Consider the short-term and long-term implications, both positive and negative, for your business, employees, customers, and other stakeholders. This analysis will help you make an informed decision.
Seek advice and input: Consult with trusted advisors, mentors, or members of your team. They may offer different perspectives and insights that can help you see the decision from different angles. However, be cautious not to rely too heavily on others’ opinions, as the final decision should ultimately rest with you.
Consider risk tolerance: Evaluate your risk tolerance and the potential risks associated with each decision. Understand that difficult decisions often involve some level of risk, and you’ll need to weigh the potential rewards against the potential downsides. Assess whether your business can handle and recover from any potential negative outcomes.
Trust your intuition: While data and analysis are crucial, sometimes you need to trust your instincts. Consider your intuition and gut feeling about each option. Your experience and knowledge of your business can provide valuable insights that might not be apparent in the data.
Make the decision: After careful deliberation, make the decision. Avoid getting caught in analysis paralysis or waiting for the perfect solution, as this can lead to inaction. Accept that not all decisions will be perfect, and you may need to adjust your course along the way.
Communicate and implement: Once you’ve made a decision, communicate it clearly to all relevant parties. Provide the rationale behind your decision and address any concerns or questions. Develop an implementation plan and assign responsibilities to ensure the decision is executed effectively.
Evaluate and adapt: Monitor the results of your decision and be prepared to adapt if needed. Keep an eye on key metrics and indicators to assess the impact of your decision. If the outcome is not as expected, be open to making adjustments or revisiting the decision-making process.
Remember, difficult decisions are a part of running a business, and it’s essential to approach them with a clear and logical mindset. While there’s no fool proof method, following these steps can help you make more informed decisions that align with your business objective.
