Decision Making Made Simple For Business
I was sitting on my lawn, in a chair, enjoying one of the pirate romance novels. The scenes were well written.
It was a weekend. I didn’t have a commitment. A cool breeze was blowing. The sun was about to set. I just went into the bedroom. My phone had several notifications. When I opened one of the messages, in the email.
I was shocked, to see that, my company has reported a loss of $ 5 million. My head was, full of questions. The next day, I went and had a meeting, with my team.
We analyzed our financial statements. It was very difficult, to see that my company’s performance, was not good. I was worried. In the next few, months, I had to make difficult decisions for my company.
The following road map, my team and I followed:
We all information, we needed, to move ahead. I looked at my company’s sales report. My team and I just went through each and every detail.
We identified, products, which were not up to the mark. My team and I also looked, at our clients’ feedback.
Many, had complained. My back office didn’t work well, to solve their issues, some had reported, that the product specifications, were not right. Others said, that the deliveries were not on time.
I made a small team, which will oversee, our clients’ concerns. My team and I gave certain, goals to achieve in the coming months.
We all kept this our top priority. After each month, I had meetings, again, with the sales team. My team and I noticed, some data, showed, some good results.
When my team and I looked at the loans. Our losses were more, we were not able to service it. My team and I met, with bank officials. We all made a new deal. Our installments were differed, for the coming months.
It was a sense of relief for us. In this way, we focused, on other ways, of generating revenues.
3.Getting Gut Feeling
My team and I also went through the performance of all the employees. Some of the employees were absent without reason. There was, no action taken. We just saw copies, of reminders and warnings.
So, I gave the orders, to terminate those employees. I directed my team, to look for more competent, staff. So the HR, department, advertized, conducted interviews.
The new staff was given orientation. They proved themselves. We were happy about it.
Sometimes, I listen to the inner instincts, it gives, me the right steps, to follow.
In my office, I have a small library. I go and read some good books for starting a business. It gives me, and my team some key insights about improving our decision-making skills.
We learn many useful lessons, some had good takeaways:
Follow the passion
Take risks in business
My team and I also noted, one key point, which was never giving up. This kept us going, we tried new ways, to keep our company afloat.
5. Monitoring the whole process.
Whatever, we did, was based on key goals, which we set for our company. We identified, and agreed on the key performance indicators.
We met each month and reviewed the outcomes. Initially, we were lagging behind. My team and I worked and identified some flaws.
It was never easy, to make some changes, many of my teammates were reluctant, and were opposing it. My idea was to go for a trial.
It worked, and in the next 3 months, our outcome changed, we also saw, some good results.
Although it was a bumpy ride, we manage, to bring our company, out of crises. It was our hard work, and our team effort.
We also decided, to learn valuable lessons, from our previous wrong decisions. My team and I, had a commitment and assurance, that we all will not repeat it again.