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Three Questions to Ask Yourself Before Making Any Big Business Decisions

Originally published on WordPress.com

Running a business involves making decision after decision. Whether big or small, the decisions have a cumulative effect on the organization’s success. To ensure you make the best possible choices, Gary Brewster, Oneida Businessman, and Investor for over 25 years, believes it’s a good idea to ask yourself the following three questions before making any moves:

 

1. What Is the Worst Case Scenario?

Before you pursue a plan of action, you should always ask yourself what could go wrong. It may be counterintuitive to think of the negative even before you have made a decision, but removing the fear associated with it can work wonders for your thought process. For instance, take a piece of big, expensive equipment that you wish to purchase: Were it not to improve your productivity, what would be the net loss? If the machine is well maintained, you could most likely still recover a large portion of the purchase price. 

 

2. Can It Be Reversed?

If you hire for a senior position or purchase a new delivery vehicle, will it be possible to reverse the decision? In most cases, you will find that you can let go of the new hire or re-sell the delivery vehicle without affecting your company’s bottom line too much. If the decision you have to make can be easily reversed, it is often best to just take a leap of faith rather than waste time deliberating over it. 

 

3. What Data Or Information Are You Missing?

In the real world, it is quite rare to have all of the information you might need sitting in front of you while you make a decision. As such, it is a good idea to think about the data you might not be seeing at the moment. If you believe this data is important, it may be advisable to hold off on your choice until you have seen the requisite information. If you don’t think the info is vital to your decision, then you can move forward without worrying about it too much.

Making critical decisions in the world of business is never an easy task. However, taking the time to ask yourself the appropriate questions as well as reflecting where needed, will help ensure that you make the right call more often than not.

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