One of the biggest headaches in business??? Making decisions. So how do you effectively make decisions that affect so many people and know you’re making the right call? Let’s talk about that today…
Good afternoon, Thomas Joyner with Business on Purpose here…thanks so much for listening and subscribing.
One of my favorite things about what I do is the different types of leaders I get to work with. Business owners are all over the map when it comes to the way they lead, the way their businesses are run, and the things that are important to them.
I learn new things in every single coaching meeting. In fact, relentless learning is one of our core values, so we put a great deal of energy towards writing down what we’re learning and developing new content for all business owners to improve from.
A few weeks ago, a business owner sent me a document they had worked on to help with their decision-making. Now, we use our core values, our vision story, and numerous other filters to run decisions through. If you haven’t started there, I would urge you to put in the work there, first and foremost.
This document I received was incredible…and a great way to solidify, codify and systematize all minor and major decisions in their business and I thought it would be a great thing to share.
Every decision in this business is asked a series of 10-12 questions depending on what type of decision it is.
If you're looking for more resources to work ON your business, we have them.
Things like, “Does it make us more profitable? Is it fun?” One of their core values…and “Will it benefit the community?” Another of their core values. Each question, if the answer is yes, gets the number 1 put next to it. If the answer is no, it gets a zero written next to it. You tally all the numbers up and it gets a score equalling the sum of all the answers.
Here’s where this thing gets REALLY powerful! Each type of decision in their business is categorized. Everything from new hires to technology purchases, from who they do business with to hours of operation, even things like days off and compensation get filtered through this document.
Everything has a category and every category has a minimum score required to move forward. Practically, if they were planning on buying new iPads for their field employees, they would ask all 10 questions and if the cumulative score is above 5, they move forward with the decision to purchase.
Simple decisions require lower scores, somewhere in the 5 and up category. Medium level ones require 7 or more and big ones, like hiring or compensation, require 9 or 10! It’s an amazing system to run every decision through and often times helps the leadership get on the same page!
Maybe decisions don’t fit in a category, so they use financial ones. If this will cost us less than $5k, it needs to score a certain level, $5-10k…a slight bump, anything over that number has to really line up and score 9-10 for us to move forward. Powerful…when implemented.
So how do you make your decisions? Do you make them behind closed doors? Is there any authentic, purposeful discussion? Any process? Or do you just wing it and hope for the best. Do you just chase opportunity?
Let me tell you, when you build a system around the things your business values and measure every decision against those values, it keeps you on track towards your vision. It keeps you on track towards being the business you want to be!
You can’t fake this as it has to be repeated over and over and over. But, in looking back, the business is marked by a sense of purpose that’s reflected in every decision.
So…where do you need to start? If you’re like so many businesses I work with, poor decision-making cripples them more than poor employees or economic climates. So open up a document and write 10-15 questions down. If you need help, reach out, and let’s write the questions out together!
Don’t let indecision or poor decisions rule in your business! Build a system and stick to it. Your employees will immediately know what you value and who you are. It will hold their feet to the fire in maintaining that culture and hold everyone accountable to your standard.
It’s powerful. Don’t skip this stuff! It really does make all the difference.
That’s all for today friends…if you enjoy these, make sure to subscribe to our podcast and youtube channel so content is delivered straight to you every couple of days. And send me your questions so I can keep “relentlessly learning” how to make better decisions.
Thomas Joyner is a business coach in the Lowcountry of South Carolina specializing in liberating business owners from chaos. He is a weekly contributor to The Business on Purpose podcast and can be found at mybusinessonpurpose.com