Guiding Principles of a business are necessary (honesty, integrity, customer service, etc.), but there is another set of principles that help the Business Owner in particular – decision-making principles.
How we make decisions effects everything we do. Problem – we make decisions subjectively, even when we think we’re being objective. All the research shows this – even at the major company level – we even buy subjectively.
As a result, we react badly to shiny objects, short-term victories and defeats, and strategic planning. So the question becomes, do you guide your biz or does it rule you? Who’s really in charge?
Want to make more money and stop recovering from bad decisions? Get some simple decision-making principles on which you run your business.
Like rails that guide a train, your decision-making principles are a core strategy to having a business that knows where it is going and how it is going to get there.
Here’s my seven decision-making principles. What are yours?
The 7 Decision-Making Principles of TeamNimbusWest:
- Business Maturity Date.
Know Where I’m going & when I want to be there.
- Make more money in less time.
Why do what others can and will do? Yield Per Hour. Process Mapping, Distributive Management
- Focus on my lifetime goals, not just on growing my business.
A BHAG will keep us going, but “grow the business” is a lifeless idea. So is retirement.
- Get off the treadmill, own the business instead of the business owning me.
The purpose of our business is to create a lifestyle for ourselves and our family.
- Work ON my business, not just IN it. Highest and best use of my time.
The key to growth – perfecting as we go by strategic planning, not just production.
- Make decisions on where I want to be, not where I am.
Clarity of Purpose leads to Hope which leads to Risk. Take good risks to grow.
- Bad plans carried out violently many times yield good results. Do something.
Stop planning. Implement now and perfect as you go. Speed of Execution rules.
What are the decision-making principles of your business?
You’ve got decision-making principles that are running the show. You might as well write them down and see if you agree with who/what is actually in charge. If not, change them and take control of your business future.
Learn objectivity in decision-making processes. Know where you’re going, delegate, make decisions based on your strategic plan, and not based on where you are right now. And stop thinking about it so long. It’s not how good the plan is, but how committed you are to the bad (incomplete) plan you have.