Episode 51 Business Decisions

by Michael Crane | Dec 20, 2022 | M & S Show, Podcast | 0 comments

Business Decisions: Today on the M&S Podcast, we're digging deep into the world of decisions. Whether you're making a business move or a personal reflection, decisions are an integral part of life. Good, bad, or downright ugly, decisions shape our future. As an entrepreneur, it's important to take time to thoughtfully explore the consequences of our decisions. You never know what you might uncover. So join us as we confidently dive into this concept on the M&S Podcast.

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On today’s M&S Podcast show, we are speaking about business decisions. Decisions can be from a business perspective or a personal reflection. Every day, we make decisions, good or bad or damn right ugly. At first glance, it may seem like an easy topic for a podcast episode, but it’s the driving force behind all that we do. You know it’s true – the decisions you make and the paths you choose can profoundly impact your future. So take the time to explore this concept more deeply – you never know what you might discover.

Index:

8 Step decision-making process
What did we learn from the mistake of a previous decision?
How do we learn for next time?
Seek wise Council and ask for help along the way
When was the last time someone patted you on the back
Conclusion

8 Step decision – Business Decisions making process

Lessons from before

Reflection

Does the outcome move me forward

Seek wise Council before

Make the decision

Take action to implement

Review

Champion the success or learn from the lessons

What did we learn from the mistake of a previous decision?

It is all too easy to make a great decision, and the outcome is exactly what was wanted; however, it only sometimes works out in the way we intended, and sometimes the business decision is disastrous. If you have made many terrible decisions in business, let me tell you, you are definitely not alone. One way we learn from our mistakes is by deciding after the event what worked, because more times than not, a poor decision was not all bad; there would be some of the events that were all right, but the end result was not the intended success.

How do we learn for next time?

One of the best ways to learn from a previous poor decision is to make notes and decide what didn’t work before, so you can do less and, on the other, what did work and do more. We are often away in the moment of triumph or defeat and forget the good and the bad when a similar event comes our way next time.

It’s essential to take the time to reflect and think about your overall outcome. It’s vital to be conscious and analyse yourself at the moment. Sitting on your hands and taking the time to consider the consequences of your decisions is invaluable. Taking this time to evaluate yourself and your choices is an essential step in ensuring you reach your desired outcome.

Seek wise Council and ask for help along the way

Who do you have in your network of people that you value their opinion and trust? It must be part of your process to go and seek advice and guidance from someone who is not financially or personally associated with the circumstances of the decision, and this may help to get an impartial perspective on what you are trying to achieve or not in the outcome of your decision.

When was the last time someone patted you on the back

Have time to be a champion, get a pat on the back for making a robust and thoughtful decision and outcome that was well planned, and well executed with the right people guiding you throughout, ensuring the work was the intended one with the correct result.

All too often, this is one vital part of the process that needs to be integrated into the process, and one may say it is one of the most important. It creates a sense of success and well-being, and all the trouble and time that was taken to make the decision was worthwhile.

Business decisions: Conclusion

Never rely on your memory. Always write it down. It is one of the critical lessons in life, I know we cannot write everything down in life, and you probably wouldn’t want to write every thought and decision in your journal. However, it is good to have a reminder of what you think and reflect on the things that have worked or not.

So, go back to the 8-step process of business decisions making and, work out what works for you and what doesn’t work for you and add items into your decision-making process to make it work. There are no right or wrong decisions, and I would even go as far as to say as NOT making a decision is just as bad as making a wrong decision because, typically, we only grow and build confidence in our own ability by moving ourselves forward. And doing nothing is not doing either.

It is vital to make decisions, learn from the lessons and make sure you capture the lessons so that when you have to make the next conclusion, you are more equipped to ensure the outcome is well intended.

About Michael

Michael Crane

Entrepreneur, Business Owner, Presenter

Michael has built and runs a successful business for the last twenty years. He’s learned many lessons—some of them the hard way—and he’s met and talked with many other businesspeople. He’s sold thousands of products and learnt the one hundred and one things needed to run a thriving business. Now he’s bringing this knowledge and experience to educate, motivate and inspire other entrepreneurs.