Building a business is hard, no doubt about that. You’re going to have to take risks and face some failures along the way. It is from these so-called failures that you’re going to finally see what will help your business grow.
For me, some of the best decisions I’ve made came from those failures. I’ve learned over time that that you need to have a good business decision making model to help keep you focused and grow your business.
What is a Decision Making Model?
In a nutshell, a decision making model helps you focus after thinking through a bunch of choices. That way, you’re rationally thinking through it. You’re also giving yourself time to really see if it’ll help you with your business goals.
To help you make decisions, you need to think about whether you have the right kinds of information at your disposal. For example, if you’re debating between hiring one virtual assistant over another, you will need to understand their experience.
You also need to think about the timeline of the decision and whether you can complete something. For example, when making a decision about switching email providers, can you do it before a big course launch and what will be the criteria you set to ensure that it’s the right one?
Finally, you also want to base your decision on whether it will trigger other actions. In other words, will choosing one thing over lead to more opportunities or to a larger goal you want to achieve?
How Do I Create a Business Decision Making Model?
Once you have a question in mind, you need to outline all the possible choices you can make. Think of it like comparison shopping. Let’s say you’re looking to buy a new computer. You’d then want to list out all the computers you want to buy, its features and prices.
Next, you’re going to want to list all the pros and cons of your decision. Think about the best and worst case scenarios. If you’re debating on whether to promote a new offering a certain way, outline the steps to get here. As in, how much time will it take? What sort of resources do you need? Do you need to learn or pick up more information to be able to do certain things? Will promoting in one way lead to the potential to create other courses?
That’s it. The important part of this whole process is to ask yourself the right questions for your decision making process. You’ll want to think everything through. You could go even as far as role pay certain decisions to really help you visualize what might happen.
Once you’ve made your decision, you’ll want to measure the results to see if what you thought was going to happen will. It’s also a good idea to reflect on your business to see if you made the right decisions. Even if you made a mistake, that’s not the end of the world. As long as you take the time to be informed about what you’re doing and imagining every possible scenario, your business will grow.