In our personal lives, we tend to mull decisions over before making them. This gives us the chance to weigh all the information we have to hand and choose what seems to be the best option. Businesses, and the mindset they require to be run successfully, are in no way different.
However, businesses and the decisions they make can have a sizeable impact on the communities they serve, the craft they take part in, and the bottom line of their financial stability with every decision they make. In other words, the rewards are so much greater, but so are the possible failings.
It’s important, then to consider your decision-making process and how to make it as robust as possible. Just as government bodies will have oversight protocols and essential regulatory necessities, some businesses will need to follow official guidance but also develop these policies internally, so that the chances of bad decisions being made are reduced – or at least never uninformed and reasoned.
In this post, we’ll discuss the three questions any firm should ask itself before launching that big decision:
Does It Further Our Goals?
Decisions never happen in a vacuum, they must be guided by essential reasoning that the stated yearly or long-term goals of your business are at least somewhat aided by this move. From here you can define the decision as a preventative measure, an investment in the future, or perhaps something that can subvert the chance of a more difficult outcome being felt. Think of how Google is known to acquire many promising tech firms developing new technologies for a premium – they know that having these people working for them would be advantageous, but it also limits the competition just a little.
Is It Legally Sound?
Without legal backing, the decision is never going to be worth it. This is why utilizing litigation consulting firms can be so essential, as here you’ll never be in the dark about the legal implications that a potential move could carry with it. Sure, not all firms can hire an in-house lawyer, but this kind of insight is still valuable to invest in. This may help you get out of a tricky quagmire you had never expected thus far.
What Are The Optics?
Of course, it’s always important to see how certain moves will be seen and what benefit or damage that could do to your business. It’s why, when a business makes a difficult move or the results cause a scandal, the top manager or executive officer within the firm will resign. However, you don’t have to be in emergency mode to consider the optics that you may generate. How will this perspective influence your marketing base? For instance, if a fitness supplement firm decided to opt to give their protein powder product an incendiary name to encourage fitness, would this be a cool and interesting new means of seeming as though your firm takes no prisoners? Or would it be considered a discriminatory and divisive means of seeming too good for anyone except the best to take? It’s healthy to ask these questions.
With this advice, we’re certain you’ll make the right choices for your business going forward.