How to sidestep bad business decision-making
“The best-laid plans of mice and men often go awry”.
So said the Scots poet Robert Burns way back in the eighteenth century, and now we’ve reached the twenty-first it seems not very much has changed.
Over the past week, we in the UK have directly witnessed some of the perils of bad decision-making at the highest level. Whatever your political viewpoint, if we were to look at our country as a business, with Theresa May as the MD, we would conclude that her decision to call an unnecessary election was bold and following a poor campaign ended in a disastrous result for her party, ending with employees losing their jobs, and our country left in the uncertain position of being governed by a hung parliament.
One of the greatest skills a leader can perfect is the ability to make effective decisions. Rickard Luckin is proud to advise many business leaders from diverse industry backgrounds, and from my experience heading up our Small Business Unit, it is clear that if you’re just starting out, or you’re trying to grow a business venture quickly, successful decision-making can appear even more of an uphill struggle.
After all, your decisions may not simply affect the success of your company, but could also impact upon your family, employees and clients. Perhaps the outcome will even feed back into your industry and affect your business reputation.
So, just how do you begin making those vital business decisions?
Arm yourself with the right information
It is important to begin by gathering as many relevant facts and as much essential information about your business as you can. Finding out what your competition is up to is vital, though it is not enough to assume your decisions will have a successful outcome simply because of apparently weak competition.
Be ready for change
Experience and intuition certainly help when it comes to making successful business decisions, but so does rational planning that takes account of risk and allows plenty of room for re-evaluation in the face of change. You should ensure that you review your plans regularly, and adapt them as the environment around you changes.
Plan your decision with the right support
Even if you believe a profitable outcome is assured, it is important to plan out your critical business decision painstakingly, with the help and support of impartial and experienced advisers you trust. If your advisers happen to have been there before you, so much the better, as they will be able to help you avoid the same pitfalls they encountered along the way.
Keep working towards your ultimate goal
Results aren’t often instantly achieved, and if you’re in charge of a business then you’ll undoubtedly have many plates to keep on spinning, which means it can be all too easy to lose sight of your goal. Yet sticking with your plan and remaining focused on your ideal outcome will allow you to work gradually towards achieving it.
Sometimes, you just have to take a deep breath and go for it
Even if you’ve gathered all the facts and taken sound advice, the way forward may not always be clear – but making important decisions is why you’re a leader, isn’t it?
It can also be helpful to remember that you’re not alone, even if it sometimes appears that way. Here at Rickard Luckin, we are able to provide you with impartial guidance as you begin and grow your venture – including helping you avoid any bad decision-making! Simply get in contact for a no-obligation chat.