Decision-making is a key component of managing any small business. Simply put-good decisions can propel a business into success, while bad decisions can thrust it into failure. The process of reaching a conclusion, or resolution to a problem, after considering all of the possibilities, is embedded in the daily functioning of any operation. Whether there are short-term or far-reaching implications, or minimal versus extensive impact, each and every decision made holds the potential for either gain or loss.
When it comes to making a decision in business there are three basic options-YES, NO, and MAYBE.
YES-Making a 'yes' decision means embracing a new, revised, or advanced opportunity, and in turn, taking advantage of potential for growth and prosperity. Although there are always associated risks with saying 'yes', this choice identifies an important goal to work towards, providing staff with direction and focus. And even if a 'yes' decision ends up inevitably being a bad decision, the monetary loss will often seem less than the value of the lesson learned.
NO-Making a 'no' decision means rejecting an idea or option, whether it is a new opportunity or an already existing situation. Saying 'no' often means an immediate end to the hemorrhaging of a business' resources, saving money, time, energy, and/or product. Although the 'no' option equals rejection, and possibly lost opportunity, it also provides staff with crucial direction moving forward.
MAYBE-Making a 'maybe' decision means not really making a decision at all. The 'maybe' option equates to progress purgatory, where a business' growth and direction remains stagnant, as all effort continues to be divested in validating theories, testing ideas, and conducting research. Subsequently, the 'maybe' option is clearly the most expensive and least effective choice to make.
Ranging from the clearly obvious to the massively confusing, decisions are undeniably an integral component of any business. In turn, decision-making is a constant, complicated, and demanding task that requires both consideration and skill. The decisions made in a business ultimately determine its potential for success. Quality decisions mean a quality business.