In managing a business, mistakes can and do happen, but if you do go about making decisions the right way you will maximise the possibility chances of you making the right decision, given your business and given your resources.
We all know that making mistakes is part of growing business just like in life. The more mistakes we make and we recover from the more wisdom we have. The question is, how can we reduce the number of mistakes or errors in our decision-making processes and learn from the mistakes of others?
By doing so, we minimise the number of mistakes that we make; and as a business, that will save you a substantial amount of resources.
Let me take a few moments to share with you 3 things that you can do to do just that.
- Learn from your past.
You can draw a lot of wisdom from your past, you can think about it, you can dwell on it, you can regret it, but you also can learn from it. You can never undo a bad business decision. But you can learn from it, and you can learn from the mistakes of other businesses as well.
- Acquire relevant information.
One of the best ways to learn is to acquire relevant information. You can search online for almost any business topic nowadays and you will be inundated with information. The challenge is to actually be able to filter and sift through all that information to make some sense out of it; and that you will not be paralysed by it. The ability to filter information and make it relevant to the business is critical. Without the proper experience to cut through the overwhelming data that can come from such research can lead to wrong decisions being made.
But I can almost hear you say “Raymond I don’t have the time to do that kind of search and to filter that kind of information.” Most of us are time poor and have next to no time to do what we really want to do for the business. I understand that. Therefore, my next point will take that scenario in mind.
- Bring the experience in.
If you do not have time to do your own research or if you do not have time to get experience that you believe you need in order to make the best decisions, then ‘Bring the experience in’.
The best defence to your business can have is to surround yourself with people who have the ability and the experience to access the right information, to synthesise that and to advise you on the repercussions your business decisions can have for your business. Well, this may not prevent you from making any mistake at all, it will certainly reduce the chances of you making one.
So in summary, If you want to know how to make the best decision where you are right now in your business, you can
- Learn from the past,
- Acquire the right information, and
- If you can’t do that bring the right team of people in. Getting a good team of people around you will be the best thing you can do to minimise the mistakes in the future business decision making processes.
If you want ideas on how to build your team, you can go to my website or send me an email. I hope that this video is giving you a few things to think about on how to make a better decision in your business.
Thank you for watching.