7 Reasons Good Decisions Add Value

Get the most out of your decision-making process.

When you think about business decisions you might insert the word “strategic” into the equation. While that’s probably accurate, it only applies if you’ve taken some important steps before jumping in with both feet.

How did we get here?

What got you to this decision-making situation in the first place? A “for sure” problem, a “maybe” great idea, or a “potential” solution?

What if the “for sure” problem is only a symptom of the real underlying cause and the potential solution won’t really fix anything in the long run?

It’s tempting to feel like you’re being proactive, getting stuff done, and initiating a strategic measure. Here’s where to add some checks and balances to make decisions that add real value to your online business.

And that’s how we got to this point.

The first step is analysis. You need to understand your current business situation from every angle. The good, the not-so-good, the offers, the people, the processes, and how everything fits together.

You can then start peeling the layers back to figure out where the need, or issue, is potentially coming from and isolate the reason. When you can confirm it, you have the grounds to be more forward-looking.

Where are we going?

When you know where you’re at now, and how you got here, you need to think about what comes next.

What are your expectations in the short term, and long term? Will the decisions you need to make now make achieving your future goals easier, or more difficult?

Analysis paralysis

This leads to the panic that sets in when you realize there’s work to do before you roll up your sleeves and kick some strategic butt.

Reasons important business decisions might be delayed can include feeling like you have too few, or too many options. Maybe you don’t have enough information, or there’s so much it’s overwhelming. 

Sometimes it’s complicated by other factors that need to be considered, like cost, timelines, people, roles, and obligations.

The great thing about starting with analysis first is that it will eliminate many of the options for you before you get even close to decision-making time.

Good decisions = Big value

So, here we are. Taking the right steps to make good decisions that add value to your business.

Here are seven great reasons to keep in mind:

1. Good decisions have lasting power! Because they were made by taking the business, present, and future into consideration, they need less re-evaluation. While it makes sense to periodically review them, you’ll waste fewer resources changing course.
   
   
2. They have a positive impact all-around. Multiple perspectives are evaluated and can help to decide the best way forward. You think about how decisions might affect people and systems directly, or indirectly connected to one another in a more holistic sense.
   
   
3. There are always options. Good decisions shouldn’t leave you feeling backed into a corner without options. The value is in being able to make choices, even if they include “do nothing.” Options allow you to rate and compare them for feasibility.
   
   
4. Your ducks are in a row. Decisions based on facts, not guesses or assumptions, get the job done. A measured approach with real information meets your needs far more effectively than a gut feeling or a vague sense of direction.
   
   
5. Good decisions don’t get personal. They eliminate potential conflicts that might arise from personal preferences and emotions. When you’re focused on the business’s needs and how you’ll accomplish your objectives, you are more conscious of these influences.
   
   
6. Better use of time and money. Let’s face it, resources are limited, while some decisions might save you time and money, some will cost more but they’ll be made consciously. The difference is you’ll know when it’s worth it and the risk level is justified.
   
   
7. They deliver value with overall performance. When you consider all the pieces brought together in determining the business need, information available, and the potential options, there are very few gaps left for a bad decision to fall through the cracks.

A good decision really does add value just as much as a bad one can lower it.

Where do you start?

Keep these reasons at the top of your list when faced with an important business decision. To learn more about the factors that can help you to make decisions with peace of mind, sign up for the Smart Business Kit email series which includes helpful worksheets you can download.