I read this very inspirational story from the BBC “Chris Gardner: The homeless man who became a multi-millionaire investor.” Chris Gardner went from being a homeless man to a multimillionaire through his hard work and self belief. He also states that he ‘made the right choices’ which helped him get to where he is today. In business making the right choices is critical for business success.
So what factors do we need to consider when making a decision, given that there will always be a number of choices? Also how can an effective planning system help us along the way?
First consider how big the decision is and the likely impact on your business. The amount of planning and information gathering should be proportional to the decision being made. (See our tip “When to stop planning.”)
Any decision should take into account the company values and should comply with those. Some of the company values may be built into your planning system, so should help you stay on track.
Using historical data to predict the future, helps us make a decision where we have learnt from the past. Again this should be easy to determine with an effective planning system. Allowing ‘what if’ analysis based historical data.
Don’t expect to know everything you need to know to make a decision. Sometimes it is useful to get expert advice about specific issues. Any information obtained should be added to your planning system for future use.
Finally, ultimately you will have to make a decision based on the knowledge you have at the time. Don’t procrastinate and wait for every last piece of information, otherwise you will never make a decision.
Once the decision has been made, stick to it and make it work!