Page 60 - Phonebox Magazine July 2006

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ACTION INTERNATIONAL Advice Column – No 5
How to Decide the Future of Your Business . . . .
As Business Coaches, we often see small business owners struggling to make decisions relating to the running and development of their companies, however what they fail to realise is that they can use decision-making skills to give them the edge over larger competitors.
What does this mean? As the owner of a small business, you have the unique and powerful ability to make fast decisions relating to the running and marketing of your business. Compare this to the situation in a big company, where it is often quoted that making a decision is a highly bureaucratic process involving the approval of as many as 18 layers of management.
Quick decision making can therefore be used as a tool to outwit the competition, for example, by ensuring your company is the first to respond to changing market conditions, to launch new products, to develop new services, etc.
For most small business owners, the reason they have difficulty with making decisions at all, let alone quickly, is because they are desperate to make the right decision. However, as John F Kennedy said:
“There are risks and costs to a programme of action. But they are far less than the long range risks and costs of comfortable inaction.”
It is important to realise that everyone has difficulty making decisions at times, but if your response is usually “I can’t make my mind up” then you need to improve the way you make decisions.
A good starting point is look in detail at the steps that should be involved the decision-making process. These steps are basically similar, regardless of what the decision involves, whether it is buying a product in a shop, or deciding to take on a new member of staff.
1. Recognise the problem or opportunity. The first stage is to define the problem or opportunity in simple terms.
2. Analyse the situation. Next, look at where you are at the moment and compare it to where you believe you could be. If you’ve got a problem, try to find the real cause, not just the symptoms. Study potential opportunities in the same way.
3. Consider your goals. Think about the goal or goals you want to reach and in particular, what your priorities are. By combining this information with any available data will help you reach a decision. However, you must learn how to identify what is important and what is not.
4. Look for alternatives. Look for as many different ways as possible to solve your problem – not just the
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