What is the definition of a good business decision? What is the definition of a bad business decision? I recently found myself thinking about these two questions and decided to put my thoughts down on paper.
A business decision often surfaces as a result of actions taken that stem from input—input from an outside source. In other words, something beyond your immediate control enters the picture, and you are faced with several viable options. Selecting the appropriate response often defines a stressful decision. What to do? Should you do anything at all? What if you make a judgment error? Time is running out. Pull the trigger. Make a decision.
Obviously, if your chosen response results in a favorable outcome over the long run, you have just made a good business decision. Notice I said “long run.” Many of your decisions may initially appear to be prudent, but in time will turn into a monumental judgment error.
A bad business decision often comes disguised as a self-serving, knee-jerk, spontaneous, “save-a-buck,” ‘put out the fire at all costs‘ response. It can soon result in more harm than good. In the majority of cases, this business decision comes without planning or forethought.
Let me remind you that, even if you do everything right and take the time to think through the entire list of pros and cons, you can still make a bad business decision. After all, some things remain totally out of your control. The key is to weigh your options as best you can, while identifying all possible outcomes. Then all you have to do is look toward the skies with a smile, and “fire away.”
****Remembering all the while that, in most cases, you can always fix a bad decision. (Although sometimes, you can’t.)
Probing a bit deeper, a good business decision is one that will contribute to the growth of your company. It may cost a few dollars upfront, but the return on your investment will reward you over the long haul. Patience can also prove to be an admirable quality as you maintain well-earned confidence in your decision-making abilities. Second-guessing any decision rarely helps and can most definitely put a damper on a healthy mindset.
Then there is always option number three… making no decision after investigating the risks. But now that I think of it, this choice will soon be classified as either good or bad. So, I guess there really is no option three. Yes or no. Go or don’t go. Buy or don’t buy. Hire or don’t hire.
Now for the shameless plug. If a good business decision results in growth far above the price of admission, then you would be making a good decision to spend six days at sea with me and a group of proactive travel professionals to fine-tune your company’s future efforts. We are sailing in October onboard The Allure from Ft. Lauderdale.
On the other hand, choosing to bypass this “opportunity” for reasons that may or may not be totally justified would place this business decision under the “not-so-smart” category.
I feel certain that if you elect to join us in October, you would be making a good business decision. And, I personally accept the challenge and responsibility to make sure this remains a good business decision in the following years.
Send me an email asking for specifics. mike@mikemarchev.com
Mike Marchev is always looking for a few more proactive travel professionals to join his Sales and Marketing Club, mike@mikemarchev.com.
*** You want more to think about? Check out my weekly podcast (Miked Up Marchev). Also listed on Spotify, Apple Podcasts, Google, and iHeartRadio.
