How to Handle Your Toughest Business Decisions

We all dread it; that day when we’re forced to choose one of two paths that each might lead to an unforeseeable future. Those choices are especially scary when it applies to your business, but even so, you can prepare yourself to respond skillfully when faced with a difficult decision.

Take a Step Back

When you have a significant decision to make, the first thing you’ll want to do is to gain perspective on it and separate yourself from the problem. When you’re too close to the choice, it can be difficult to distinguish clearly between the options. Try to look at the “big picture”, so to speak, and consider how this will affect your business as a whole.

Seek Counsel

There are definitely two schools of thought on how to approach business decisions, one of which may be a little more old-fashioned than the other. Some business owners believe that they are truly a one-man show and that no one else should have any input in their decisions.

Cooler heads should prevail in this case, who understand that feedback from trusted colleagues allows you to see the problem from different angles, enabling you to make a more informed decision.

The Candid Advice of Your Wife or Husband

Asking friends and colleagues for advice is one thing, and that is helpful, but to get the unfiltered insight that you need during this time, you can usually depend on your partner’s advice far more than the others.

If you have a wife, then you’ll get even better advice because a woman’s intuition is real. They just know things that you don’t.

Don’t Be Too Hasty

Although you can do pretty well by going with your gut, that’s not always the smartest way to approach big decisions. It feels good to shoot from the hip, but at the same time, there could be numerous factors that you’re overlooking, which is why you need to take time to consider all the facts and potential outcomes.

How Much Will it Cost?

Notwithstanding all the other factors involved with your choice, you can get a general idea of which option will be more positive for your business by simply considering the cost, monetary and otherwise, that will be associated with your choice each way.

Pros & Cons

One of the most standard ways to make a sound decision can still be one of the most effective: Make a list of pros and cons. Not only does it cause you to think a bit more deeply about the consequences of your choice, but it also gives you a way of visualizing it.

Wait a Second… Is this Necessary?

“Think outside of the box” is one of the most overused and under-appreciated expressions of our generation. This is exactly what you should do when faced with a challenging decision. Many times, a choice is presented to us and we automatically take it at face value. Instead of assuming that you have to choose one option or another, first see if you can find an alternative that doesn’t even require this choice.