Making the Difficult Decisions – Risks and Rewards

Understanding and delivering on shareholder, customer and employee expectations is the high-level definition of what the responsibilities are of those sitting in the big chair. It’s an opportunity to make a significant impact on the day to day and overall trajectory of the business. But it comes, however, with a multitude of decisions that need to be made on an ongoing basis. Some of these decisions are simple while others become much more complex. In my experience, the best leaders work to understand the risk and rewards of every difficult decision they have to make before they make them.

Types of decisions

As mentioned, some decisions are quite simple while others become more complex and involve many moving parts. Decisions regarding technology and capital investments, decisions regarding people and staffing and their livelihood’s, and decisions revolving around customers, their expectations, and how to satisfy them. They all have human and financial consequences, not to mention the unintended consequences they could bring. There is no one way to handle all of these issues, and as these concerns land on your desk you are looked upon to be the final arbiter in the matter.

Decision making process

There are numerous decision-making models, and every business leader uses a variation that has typically worked well for them in the past. In general, though it comprises of understanding what the problem is, coming up with some recommended solutions, confirmation of the decision, and finally take action. HBR has mapped out a hypothetical team’s decision making process and can serve as a guideline to reinforce what you currently do. These steps can take a great deal of time, or not, depending upon a situation.

Your game plan

When it is said and done, and the music stops, your decision will chart the course for the people, financial implications, and the overall continuation of the business. I have seen leaders carefully take the time to make sure they understand all three sides of a situation, consider their approaches, even confirming their plan with others at times, and then making the best decision based on the information they have. Your game plan may be similar or not, and it’s often influenced by your experiences and the moment in time.

Difficult decisions typically have significant outcomes. Without a plan, these decisions can be overwhelming and numb your ability to lead. One thing I have learned, is that after making an extremely difficult decision. I’ve never heard a leader say, “you know, maybe I should’ve waited a little bit longer to make that decision.” They usually say I should’ve made that call a long time ago.

Don’t put things off, gather your facts, and make decisions so that the enterprise can continue to prosper. Work at it. Your competitors won’t do these things because they think it’s too hard. Finally, choose your actions wisely and with confidence.

Mike Philie can help validate what’s working and what may need to change in your business. Changing the trajectory of a business is difficult to do while simultaneously operating the core competencies. Mike provides strategy and insight to ambitious owners and CEOs in the Graphic Communications Industry by providing direct and realistic insight, not being afraid to voice the unpopular opinion and helping leaders navigate change through a common sense and practical approach. Learn more at www.philiegroup.com, LinkedIn or email at mphilie@philiegroup.com.