As a business owner, how do you make decisions when unexpected circumstances arise? Far too often as small business owners and entrepreneurs, we feel that the most expedient response to the problem is best. What we fail to realize is that taking a moment to fully assess and ingest the situation creates opportunities; a cycle where we are better able to create solutions which are sustainable.
Ok, let's liken quick decisions to cooking and eating a 15 minute meal. Does it suit the need? Yes. Is it nutritious? Maybe. Does it create the type of satisfaction that is long lasting? In most cases, the answer is no! My suggestion is that you teach yourself or somehow learn how to craft a 30 minute meal that is nutritious, delicious and satisfying.
To bring that back to a business perspective, my suggestion is to educate yourself on your industry to the nth degree! Learn so much that your decisions are automatically predicated on the newest data. Establish your goals in a manner that establishes tangible and measurable intermediate objectives. Partner your objectives with a regular evaluation cycle complete with accountability points. Doing these things ensures that quick decisions have value and ties to your mission and vision.
The BLS reports that businesses in the U.S. survive somewhere in the range of 20%; year over year. In most cases you cannot expect to sustain your business through knee-jerk reactions any more than you would expect to maintain good health by simply eating fast food. Remember that your business is a living, breathing entity. What you put into it, determines its health and growth.
If you care to break through and survive when decisions must be made - educate, plan, breathe and then move quickly!
So the saying goes, if you provide good service, I'll tell 10 people; if you provide poor service, I'll tell them all (or something similar).