We have all heard the phrase, “Hindsight is 20/20”; it is used when people look back on their past and can see things that they did with ‘perfect vision’. They often suggest that a different decision would have been made, had they known the outcome in advance.

This occurs frequently in business decision-making, as managers review past strategy and, with the clarity of hindsight, can identify a better path. Business owners are frequently faced with making big decisions, which have an impact on the future of a business and its employees. As the business grows, so too do the stakes resting on each decision. In today’s fast-paced world of business, a wrong decision can be very expensive, both in terms of time and money, to undo or repair the situation. You really want to avoid the hindsight is 20/20 rule.

However, making mistakes is part of growing a business. The more mistakes we make and recover from, the more we learn. The question is, how can we reduce the number of mistakes and learn from the mistakes of others?

One way to do it

One of the best ways to learn is to acquire information. You can search online for almost any business related topic, and you will be inundated with information. However, there is so much out there, that you can actually delay or stagnate the decision-making process while wading through information if it is not handled properly. The ability to filter the information, and make it relevant to the business, is critical. Without the proper experience to cut through the overwhelming data can lead to the wrong decisions being made.

How can businesses minimise the ‘Hindsight is 20/20’ scenario?

The best defense is to surround yourself with people who have the ability and experience to access the right information and actively seek their counsel in order for you to make the most informed decision possible at that time.

Tweet: “Minimize regret, seek wise counsel in order to make informed business decisions.” http://ctt.ec/fhaeB @BizCoachRay

While this may not prevent you from making any mistakes at all, it will certainly reduce the chances of a pitfall. Also, remember that the past is the past. You can never undo a bad business decision, but you can learn from it. And you can learn from the mistakes of others. Build a team of people which can analyse all the information to hand to add value to your business. That way you will be better equipped to make the right decisions.