Evaluating Your Decisions
It's commonly accepted that businesses today face unprecedented uncertainty. For those of us who've seen several decades in the trenches, we know that business uncertainty is a fact of life, and today's uncertainty is NOT unprecedented.
It's important to have a process for measuring the effectiveness of your decisions. Unless you're like my Uncle Arvid, often wrong but never in doubt, you know that many times our business decisions are made with incomplete information--the uncertainty that is a fact of life.
H. L. Mencken once wrote, "There is always an easy solution to every human problem--neat, plausible, and wrong." That pretty well describes the condition of every business leader trying to take a business to the next level.
Success in business comes from having a clear Mission and effective processes for all business functions--including decision making. And if you think you have to be right all the time, you're mistaken.
Baseball players are elevated to the Hall of Fame even though, as a batter, they had a success ratio of three out of ten. NFL quarterbacks who complete just more than half their passes are thought to have had a pretty good day.
Many of your decisions--the day-to-day and the fundamental ones--will turn out to be wrong. Big deal. But knowing that, and evaluating your decisions regularly (especially with a trusted advisor,) will help you to improve your successful decision ratio and move your business from its current state to where you really want it to be.