Make Decisions Small and Regular
Small businesses are quick on their feet and can make decisions small and regular. It’s a big advantage you hold over larger organisations who have long drawn out decision making processes.
What may take them weeks to act on, can be done immediately by a smaller company.
Taking big decisions adds risk, slows down activity and reduces flexibility. Save it until you’re larger.
This may sound like I’m a bit deranged. But many years ago I ran a 24 hour race over the Lake District mountains. Counting down the 72 miles would’ve destroyed my mind. Instead I broke it up into 6 sections and rewarded myself with a break at the end of each one.
Know Your Direction
At this juncture, it’s worth emphasising the importance of having a clear direction. Deciding where the company is going and providing a clear steer. There’s no point in making decisions if they send you round in circles.
Diluting Bad Decisions
the impact of the bad decisions are diluted by the good ones.
With a big decision, the champion has a lot riding on the result. It may stop him being objective, which is particularly problematic if that person is the Managing Director. Smaller decisions will include some bad and some good, but the impact of the bad decisions are diluted by the good ones.
You’ve heard the phrase “low hanging fruit”. I know it’s corny. But on any project or piece of work, it makes sense to get some wins under your belt at the start. Make sure the cumulative benefits always exceed the costs. It is psychologically important to stay and remain in front to keep the momentum going.
Revolution in New Systems
The IT solutions industry has got smart
It used to take forever to put a new business system in place. You paid a lot of money then kept your fingers crossed.
Nowadays it is possible to install one very quickly. The costs can be paid monthly to spread the risk and allow you to switch to a different system. They now collaborate with providers of bolt on solutions so interfaces don’t require a technical person.
The IT solutions industry has got smart and recognised the need to break the process of buying a system into far smaller and less risky chunks.