Decisions are like “the Trouser Legs of Time” as my favourite author Terry Pratchett put it.
And whichever leg you choose you end up in a different space, which is unfortunate if you don’t end up somewhere you want to be, but fabulous if you do.
Now, you don’t want to get it wrong but neither do you want to be stuck – and no decision is still a decision.
Here’s the 3 Point Super Short Guide to Making Wise Business Decisions: ask yourself these questions…
- Is this good for ME?
A friend of mine has a very simple method of choosing what to say yes to and what to say no to. He said “I make decisions based on the 3 most important things in my life –
1. my Health,
2. my Wealth and
3. my Family
It has to be good for all three without compromise”.
Run the decision by your 3 most important values and trust your instinct to let you know when something isn’t a good fit.
- WHY am I making this decision?
What are the repercussions of this? Is this something I can live with for a long time? (This is vitally important when you are thinking about business partners).
Am I rationalising this decision and trying to ignore what my intuition is telling me? If you are trying to “hard sell” the idea to yourself and others, it’s probably not in your best interests.
Can I live with the consequences? Will I still be happy about this in one year, two years, ten years from now?
Do I need more time; am I being rushed by others into making a decision?
- WHO is involved in this?
If I’m about to make a decision that involves huge amounts of my input, time, money and/or energy –i.e. if it’s all me, we could be in trouble!
Who else can I involve in this? What expert help can I get? Is this a joint decision or mine alone to make?