Business Banking

Business Decisions: How to Know You're Making the Right Choices

Business Decisions: How to Know You're Making the Right Choices

According to multiple sources, the average adult makes an estimated 35,000 decisions in a day, some bearing more significant consequences than others. Business leaders are faced with decisions that can result in a major impact on the company. How do you know if you’re making the right choices? We’ve compiled some tips to consider when making decisions for your business.

NOTE THE PROS AND CONS

It may sound basic but writing a list of pros and cons can go a long way in the decision-making process. Brainstorm on your own or invite relevant associates to offer suggestions. Others may be able to recognize big-picture ramifications or, on the flip side, any specific elements that may be impacted, especially for individual departments. Be sure to also take into consideration the benefits and challenges of not taking action and maintaining the status quo.

SHORT-TERM VERSUS LONG-TERM

When reviewing the pros and cons, note if the effects (positive or negative) will be short-term or if the results will resonate for a longer time period. Consider how long it may take for the company to absorb any changes or develop a new process or procedure to accommodate the change. Ask yourself if the short-term challenges are worth the long-term gains, and vice versa.

WEIGH ALTERNATIVE OPTIONS

If the cons outweigh the pros, identify and weigh any alternative options. Can you proceed with certain aspects and refrain from making a complete overhaul? Can you break the process into smaller pieces to implement in stages? Are there any other ways to approach the situation? Would waiting until the next quarter or fiscal year make sense in this circumstance?

SEEK ADVICE AND FEEDBACK

You may want to ask for advice or feedback from a trusted mentor, partner, or peer for more serious decisions or simply for your own peace of mind. Remember that others have been where you are right now. Their experience and knowledge can help as you navigate the ebb and flow of your business.

The Bank of Elk River has been a trusted partner for businesses since 1885. Contact us to learn about our business services, including business checking and savings accounts, as well as business credit cards and commercial lending options.

Categories:

Business Banking