Every business owner is tasked with the challenge of making some difficult business decisions from time to time. When dealing with these decisions, don’t overthink your options. Instead, simplify them. How can you do this? For starters, divide your choices into three options: Live with it, end it, or change it. If you limit yourself to these three choices, there is only one option that will exist between the three. This is a universal rule that can be applied to a number of disciplines and decision-making tasks, whether they are work-related or not. Let’s look at these choices:
Live with It
If you don’t have the capability or determination to change or end the situation, your choice is simple: you must live with it. A perfect example of this is deciding to lay off a number of employees. If the objective is to streamline the organization to save money, regardless of whether or not you want to make sure everyone has employment, it is a decision that has to be made to move the company forward.
If you have the ability to end it and the company’s livelihood is at stake if you don’t, you must end the situation. When you have difficult employees that are altering the momentum and morale of the company, you may have to make the decision to cut ties with that individual. If your bottom line is suffering due to the negligence of one or a few individuals, putting the company first is the best decision.
If the problem can be improved, use your knowledge and tact to change it. This may be beneficial to your organization in the long run. There are many times when morale is low and productivity is compromised. This is when you and your management team must step in, get valuable feedback, and put processes in place that will change the situation. Companies that consider their employees as major stakeholders and include them in the decision-making process do well.
These are the three ways to handle difficult business decisions that have proven to have worked time and time again. It’s not easy being in a position where you have to make these types of decisions, but knowing how to accomplish this with grace and tact will take you far in the business world. Making hard decisions is par for the course, but putting things into perspective and understanding why you are making these decisions is key. Take the time to assess each situation carefully, line out your pros and cons, and move forward from there. You’ll have made your decision, and have carefully justified why.
If you still need help, the EOS operating system can take you through the process of growing a successful business step-by-step.