Decisions, decisions, decisions…who’s making them in your company? Do you have a good decision process and are the right people involved in the decision making? Are they being made in a timely manner? Are they good decisions? If you find yourself mired down in a bog of disappointment by the answers to these questions, the following reasons may be why:
- There is a lack of good decision-making processes for key decisions.
- Too much time is being spent on matters that are unimportant.
- Not enough time is spent on matters that are critical.
- Companies fail to make decisions regarding critical matters.
- Senior management involves itself in the wrong issues.
- Many decisions should be delegated to lower tiers, but senior management does not delegate responsibility.
Does any of this sound familiar? To start pulling yourself out of that bog of disappointment, there is a framework that we have come up with to guide you through the decision-making process:
For all decisions, 12 questions should be asked:
- What is the goal in the decision?
- What are the consequences/costs of making a bad decision?
- Why am I involved in this decision?
- What is my role in this decision?
- Do I (we) have the expertise to make a proper decision?
- What criteria should we use to make a good decision, and how will we rank and weight them?
- Are there proven tools to help us make this decision?
- Who else should be involved in this decision, and what rile should they play?
- How much information is appropriate for this decision?
- How much time should I spend on this decision?
- How long am I willing to wait to make this decision?
- How many alternatives should be considered?
By using this list, one can help avoid making major decisions without taking proper precautions. The list also helps balance risk, time, and cost.
Howard Shore is a business growth expert who works with companies that want to maximize their growth potential by improving strategy, enhancing their knowledge, and improving motivation. To learn more about him or his firm please contact Howard Shore at (305) 722-7213 or [email protected].