Great executives and great entrepreneurs make great choices.
The names of their businesses – think Google, Facebook, Nike et al.
The right products and services to build and sell – think the iPhone, Spotify or a really great pair of shoes.
The prices and terms at which to sell them – think Netflix, gym memberships and your mobile data plan.
The right win-win economic structures for employees and partners – think Goldman Sachs with its “golden handcuffs” compensation system, Uber and Lyft with their driver programs, and AirBnB with its rental hosts.
Which values are most important and appropriate for their company – think Patagonia with its environmental ethos. Or Oracle and Salesforce with their aggressive salesmanship.
The best way to respond to competitive pressures – think “Pizza Wars” between Domino’s, Pizza Hut and Little Caesars.
And when not to respond – think premium brands like Rolex and American Express.
Now, because every businessperson is first a human being, decisions like these are made via a combination of data analysis, collaborative discussion…
…reflection, fear, greed and gut.
With the hope that from this motley mix will pop out decisions that are strategically sound, tactically possible, inspirational, and sustainable.
Sadly and of course, it doesn’t always work out this way.
The world of business is crowded every day with horrible decision making.
Decisions made completely on whim and gut, without any data collection or quantitative analysis whatsoever.
“About faces” on decisions that don’t yield immediate results, new marketing and sales campaigns especially.
Perhaps worst of all decisions not made because of binary thinking, that debilitating fallacy that we are faced with only one right choice.
And that the heavens and the earth will fall upon us if we choose wrong.
But of course no matter the business decision – hiring, firing, marketing and sales, new products, raising capital, growing via acquisition, even flat out selling a business or shutting it down…
…there is almost always more than one valid, workable, and perfectly fine choice.
Choices are often also reversible and adjustable too – usually at far less cost than might be surmised.
And finally, there is more “zen” to business decisions than might immediately meet the eye.
They are often just as Sheryl Crow so memorably sang – not about having what you want but wanting what you’ve got.
Make the decisions. And don’t second guess them, at least not for a little while.
And be pleasantly surprised to see how much faster, and easier, things progress in your business right away.
How Good are Your Business Decisions?
Are you able to decide upon and commit quickly to important courses of business action?
With your marketing? With your culture? With your strategy? With your profits? With your balance sheet?
Well if so, kudos to you and keep on keeping on!
But if you are just a bit unsure as to the best tactics to take in one or several of these areas, then you probably need a jolt of ideas, energy, and inspiration.
And we’ll reach out with our thoughts to help you.